3 Americans win Nobel economics prize

[Eugene]

Source: Associated Press

3 Americans win Nobel economics prize

By KARL RITTER and MATT MOORE, Associated Press Writers
21 minutes ago

STOCKHOLM, Sweden - Americans Leonid Hurwicz, Eric S.
Maskin and Roger B. Myerson won the Nobel prize in
economics on Monday for developing a theory that helps
explain situations in which markets work and others in
which they don't.

The three researchers "laid the foundations of mechanism
design theory," which plays a central role in contemporary
economics and political science, the Royal Swedish
Academy of Sciences said.

The academy said their research helped explain decision-
making procedures involved in economic transactions
including, for example, what insurance policies will
provide the best coverage without inviting misuse.

Essentially, the three men, starting in 1960 with Hurwicz,
studied how game theory can help determine the best,
most efficient method for allocating resources given
the available information, including the incentives of
those involved.

-snip-

Read more: http://news.yahoo.com/s/ap/20071015/ap_on_bi_ge/sweden_nobel_economics

[Demeter]

1. Now THAT'S Funny!

The clowns who got us into this mess are getting a Nobel for it? We've been "gamed" to death here.

[Me.]

2. Irony Abounds With This One

Who's playing who?

[Lydia Leftcoast]

3. The Nobel Prize in Economics is a joke

It isn't even one of the original prizes (chemistry, physics, medicine, literature) but was established by the Bank of Sweden in 1968. Most of the prizes have been awarded to guys (they're all guys, by the way) who made up some numerical theory that works well on paper but not necessarily in the real world. Case in point: Milton Friedman.

Out of 58 winners so far, 32 have been Americans, almost all conservative Americans.

[CRH]

4. They deserve the prize, ...

anyone who can invent a theory that catapults Kudlow and Kramer to the top, well does more need to be said?

With 'free market capitalism the best path to prosperity', for those who 'just want to make money', no matter the consequence to the grand majority, the immorality is a nice fit with the driving force behind the Nobel Prize in Economics, i.e. Wall Street.

The Prize holds the same promise as present day politics. If you don't mind, I'll take my ten cents on the dollar, now.

[EugeneF]

5. Anne Domini?

Hurwicz, Maskin and Myerson--Will Anne Coulter demand that they convert?

Another Eugene

[ProudDad]

6. and the IgNobel Award

for the Dismal "Science" goes to...

[Gravel2008]

7. Why do they call it that?

The name of the award is The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. A more proper headline would've been 3 Americans win Bank of Sweden price.

[fasttense]

8. Just more "free market" crap.

Just another fake math model (much like Friedman's) to prove that the "free market" is capable of destroying a country. Just check out Pinochet's Chile. There was a "free market" model that warmed the heart of Friedman.