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Roth, Shapley Win Econ. Nobel

In less head-scratching Nobel news, two eminent economists—not continental unions—walked away with the biggest economics prize in the business today. UCLA’s Lloyd Shapley and Stanford’s Alvin Roth won the Nobel Prize in Economics for their work on “stable allocations and the practice of market design.” In real-people-speak, that means they came up with a remarkable algorithm that helps match people and institutions—college applicants, hospital administrators, speed daters—to what will make them happiest.

October 15, 2012 7:27 AM