Trio wins Nobel Economics Award

U.S. trio wins Nobel economics prize

By VINNEE TONG, AP Business Writer Mon Oct 15, 4:22 PM ET

NEW YORK - Three U.S. economists, one of them a 90-year-old professor emeritus from Minnesota, will share this year's Nobel prize in economics for their work on how people's knowledge and self-interest affect their behavior in the market or in social situations such as voting and labor negotiations.

Leonid Hurwicz, who lives in south Minneapolis, is the oldest winner ever of the Nobel, the Royal Swedish Academy of Sciences said in their announcement on Monday.

His work — along with that of Eric S. Maskin and Roger B. Myerson, who both are 56 — led to a theory that plays a wide-ranging role in contemporary economics and political science, touching on areas as diverse as labor contract negotiations, auctions of government bonds, voting procedures and the structuring of insurance policies.

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On a side note, they will share a $1.5million prize.