Americans Leonid Hurwicz, Eric S Maskin and Roger B Myerson won the Nobel economics prize for developing a theory that helps explain how sellers and buyers can maximise their gains from a transaction. The three winners `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.
Hurwicz, 90, is the oldest Nobel winner ever, according to the Academy. `I really didn`t expect it,` said the Moscow-born researcher, an emeritus economics professor at the University of Minnesota in Minneapolis.
Images: (From left) Americans Leonid Hurwicz, Eric S Maskin and Roger B Myerson (AP)