21–24 of 24 posts
Their work has nothing to do with central planning in the sense of committee deciding on production quotas---it's actually about how to allocate indivisible resources (school positions, kidneys, residency slots etc.) in situations where using money isn't feasible and/or the market has broken down due to problems like congestion or lack of market thickness.
The so-called "nobel" prize in economics does not come from the estate of Alfred Nobel. It comes from the central bank. Thus it is not surprising to see it given to people that central banks would favor (often people whose theories try to justify inflationary policies.) This one seems to be given for work that could be said to claim that central planning really can work after all.
Both Shapley and Roth are microeconomists, so the fact that you are bringing up banking and inflation is a clear signal that you don't understand anything about economics. If you want to harp on Nobel Prize winning economists regarding their work on macroeconomic theory, you're 1 year too late. Shapley and Roth deal with topics that fall, at the highest level, under the field of game theory, but more specifically mar…
I recognized their names from the first example in the classic book "Algorithm Design" by Kleinberg and Tardos. But there it was called Gale-Shapley Algorithm.
Earlier quoted context omitted.
Wasn't that due to Nobel girlfriend leaving him for an economist? Read something about that but can't find the surce at the moment (bad connectivity) And I don't see that in the first 2 pages. Or was that about the math nobel prize ?
I believe that was the reason for the math nobel