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Posted on 10/10/2005 4:44:52 AM PDT by alessandrofiaschi
STOCKHOLM, Sweden - Israeli and U.S. citizen Robert J. Aumann and American Thomas C. Schelling have won the 2005 Nobel Memorial Prize in Economic Sciences.
The pair won the prize "for having enhanced our understanding of conflict and cooperation through game-theory analysis," the Royal Swedish Academy of Sciences said Monday.
Through their work, Aumann, 75, and Schelling, 84, have helped to "explain economic conflicts such as price wars and trade wars, as well as why some communities are more successful than others in managing common-pool resources," the academy said in its citation.
"The repeated-games approach clarifies the raison d'etre of many institutions, ranging from merchant guilds and organized crime to wage negotiations and international trade agreements."
Aumann, who was born in Frankfurt, Germany but holds U.S. and Israeli citizenship, is a professor at the Center for Rationality at the Hebrew University of Jerusalem.
Schelling is a professor at the University of Maryland's department of economics and a professor emeritus at Harvard.
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BTT!!!!!!
It seems more and more Game Theorists get Nobel Prize in Economics Science. I wonder if those non-economists (e.g., political scientists) who work on game theory can get Nobel Prize in economics too.
I'd like to see someone win a Nobel Prize in economics for showing why minimum wage laws and price gouging laws don't work. (Someone like Thomas Sowell and Walter Williams)
It's happened already- Milton Friedman won the Nobel Prize in 1975.
They might certainly if they were in the habit of giving the prize to dead white men.
Thomas Schelling used to be one of my favourite sociologists, as he didn't try to prove more than he could.
Game theory mainly describes situations contrived for the sake of formal analysis, and as such impresses mathematicians more than trained economists, but it has provided useful conceptual tools..
I have the impression that economists have lately gotten pretty interested in mathematics.Aumann, who was born in Frankfurt, Germany but holds U.S. and Israeli citizenship, is a professor at the Center for Rationality at the Hebrew University of Jerusalem.
"professor at the Center for Rationality" doesn't strike me as surprising as a title for an economist.
Notice the title of the prize - "the Nobel Memorial Prize." Alfred Nobel made no provision for a prize in economics. It was later concocted by a consortium of Swedish banks as a "memorial" to Nobel. So it is not really a "Nobel Prize."
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