Blessed with Beautiful Minds, Engineering 'Stable Outcomes'
Alvin Roth, Nobel Economics Prize
Alvin Roth, Co-Winner of the 2012 Nobel Economics Prize, discusses:
- Early work of Co-Winner Lloyd Shapley;
- Misallocation of scarce resources;
- Shapley's work in ‘Game Theory’ - evaluate, in a numerical way, decisions in games and other interactions between people;
- Being drawn to a 'more useful purpose' for what could often seem arcane mathematical riddles;
- Roth's chance to put ideas into practice - 1999 - match young doctors to their first jobs as residents;
- 2003 - redesign system that determined how students were assigned to schools in New York City;
- Work on the New York City high school applications system - 2003;
- So-called ‘unstable outcomes’.