In an interview with dpa, juror mats persson praised the pair’s work as "a very good example of how you can move from mathematical theory to practical application". With roth and shapley – as almost always – americans receive the award.
The prize is worth eight million crowns (just over 920,000 euros). It is not officially a nobel prize, but is called the "swedish rich bank prize in memory of alfred nobel". The award has only been presented since 1969.
Since the first award, 71 business award winners have been honored, 56 of whom worked at U.S. Institutions. In 2009, the u.S. Economist elinor ostrom was the only woman to receive a nobel prize in economics. The only german prize winner in 1994 was reinhard selten, a game theorist from bonn.
The royal swedish academy of science explained that the current prize winners had brought questions about the location of economic actors "from abstract theory to the practical shaping of market institutions. Juror persson explained that it is about situations without a real market. "How can highly specialized work or special goods be distributed sensibly??" Shapley had done the basic research on it. Roth had made the model practically applicable.
When asked why scientists dealing with the current financial crisis were not honored, persson said: "getting the right kidney to the right recipient is probably just as concrete and important as solving the euro crisis. Our prize is not daily."The academy cannot only focus on the current economic problems.
Roth testified by phone from california that he was "surprised and happy" about the nobel prize. To the award ceremony in stockholm on 10. December he is looking forward to because "this is supposed to be a very good party.". Roth is a professor at harvard university in cambridge. Shapley comes from the university of california in los angeles. He is the second-oldest recipient of the business award at the time of the ceremony.