Nobel Economics for Game Theory, Conflict and Cooperation
The 2005 Nobel Prize in Economics has been awarded to Thomas Schelling of the University of Maryland and Robert Aumann of Israel’s Hebrew University for using game theory to analyse conflict and cooperation.
The Royal Swedish Academy of Sciences says their work addressed the age-old question of why some groups succeed in promoting cooperation while others suffer from conflict, with examples ranging from merchant guilds and organized crime to wage negotiations and international trade agreements.
The Economics Prize was not one of those in the will of Alfred Nobel, but was created in the Swedish inventor’s memory by the Bank of Sweden in 1968.
The new laureates’ personal economies will be improved by the 1.3 million US dollars they will share when they receive their Nobel Prizes in a ceremony here on December 10.