Cameras and bright lights at the University of Chicago focused on professor Roger Myerson earlier today (Monday). Myerson is one of three American scholars to be jointly awarded the Nobel Prize in economics. Chicago Public Radio’s Mike Rhee reports.
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Myerson received the award for his work in mechanism design theory. It looks at the power of communication in markets, and can be applied to anything from auctions to labor negotiations. Myerson says before this award, he was proud just to have some of his papers make it into graduate school reading lists.
MYERSON: There have been young economists coming into the profession who thought of things partly the way I wanted to think about them, and the way I tried to lay it out for them. And that was the greatest prize of all. This is very good also.... (applause)
Myerson shares the award with University of Minnesota’s Leo Hurwicz and Princeton’s Eric Maskin.
I’m Mike Rhee, Chicago Public Radio.