October 16, 2012 11:12 am

Business school professors win Nobel Prize for economics

Alvin Roth, professor of economics and business administration at Harvard Business School, and Lloyd Shapley, professor emeritus at the University of California, Los Angeles, have been named joint winners of the Nobel Prize in economic sciences.

The Royal Swedish Academy of Sciences has recognised the pair for their theoretical work in market matching and how these procedures can be improved to produce better results.

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It said: “Students have to be matched with schools and donors of human organs with patients in need of a transplant. How can such a matching be accomplished as efficiently as possible?”

Prof Roth has applied market design theory to the admissions process for public schools in New York and Boston and is also a co-founder of the New England Program for Kidney Exchange, which matches compatible kidney donors with recipients.

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