Alvin E. Roth of Harvard University and Lloyd Shapley of UCLA have been awarded the Nobel Prize in economics, the Royal Swedish Academy of Sciences announced Monday.
The economics prize is the sixth and final of the annual awards that spotlight the world's top scholars and peacemakers.
The economics award was not among the original prizes created in 1895 by Swedish industrialist Alfred Nobel to honor work in physics, medicine, chemistry, literature and peace. It was added as a category in 1969 by the
Swedish central bank in memory of the industrialist.
As such, the economics prize is given by the Royal Swedish Academy of Sciences - following the same principles used to determine the other Nobel Prize winners, according to the Nobel committee.
The monetary award that accompanies the Nobel Prize was lowered by the foundation this year by 20% from 10 million Swedish kronor ($1.5 million) to 8 million kronor ($1.2 million) because of the turbulence that hit the financial markets.FULL STORY