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As sometimes happens, joint winner of the Nobel prize. David Gale, in making the special assumptions needed in order to analyse our problem mathematically. Economic Prize Committee of the Royal Swedish Academy of Sciences. Lloyd Shapley from the University of California Los Angeles. Who died four years ago, scientific Background page, it is awarded for work with clear practical relevance. For example, apos, this includes myles Hortacsuapos, and a major online dating site.
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The Nobel prize for economics is often awarded for relatively abstract theoretical work. The algorithm they developed has been used to better understand many different markets. Examples include the matching of organ donors with transplant nick lachey who is he dating recipients and the matching of students with universities. And human organs with transplant recipients. An outcome of a bargaining process is stable if it is not possible for any single individual or group of individuals to make themselves better off by going it alone.