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| Nobel Prize Photo: From Wikipedia, the free encyclopedia |
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| Photo: Tt News Agency/Reuters |
The Nobel prize for economics was awarded on Monday to two US game theory specialists, 26 years after John Nash – the Princeton academic depicted by Russell Crowe in the 2001 film A Beautiful Mind – won for his groundbreaking work on the same subject.
Americans Paul R Milgrom and Robert B Wilson won for the designs of mathematical models that promote “improvements to auction theory and inventions of new auction formats”, said Göran K Hansson, secretary-general of the Royal Swedish Academy of Sciences.Milgrom, 72, the Shirley and Leonard Ely professor of humanities and sciences at Stanford University, is one of the leading lights in auction theory, along with his Stanford colleague and thesis adviser Wilson, 83, the Adams distinguished professor of management...
Nash developed the Nash equilibrium to analyse situations of conflict and cooperation and produce predictions about how people will behave. It found application in fields as diverse as computing, evolutionary biology and artificial intelligence. padding: 0px; text-align: left;">Last year’s award went to two researchers from the Massachusetts Institute of Technology and a third from Harvard University for pioneering on-the-ground experiments to discover the most effective ways to tackle poverty in the developing world.
Source: The Guardian
