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, …
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