Californian academics awarded the Nobel prize for economics

 
Julian Harris
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TWO economists who have developed life-saving kidney swapping schemes and ways for schools to select pupils were yesterday awarded the highly coveted Nobel prize for economics.

Alvin Roth and Lloyd Shapley specialise in so-called market design, formulating improved methods to match up individuals to their needs.

The unassuming pair are professors in the US, at Stanford University and the University of California, respectively.

Their work is now rewarded with 8m Swedish krona’s worth (£747,000) of prize money.

A bleary-eyed Roth was woken by the news early yesterday. “We’re in California, it’s still pitch-dark here and we got a telephone call,” he said. “It was worth waking up for.”