Nobel Prize in Economics:
In the year 1968, Sweden’s Central Bank first introduced Nobel Prize in Economics Science. The prize is given in the memory of Alfred Nobel, the founder of Nobel Prize. Nobel Prize in Economics is considered as one of the most prestigious prize in Economics science.
On each and every years, the Royal Swedish Academy of Sciences receives 200 to 300 nominations. For Economics prize, experts in the Selection Committee of the Academy are 5-8 members who make studies on candidates. Usually in the month of October the Academy meets to have final decision.
Nobel Prize in Economics 2007 Announcement:
Announcements to the Nobel Laureates in Economics take place during a conference at Royal Swedish Academy of Sciences situated in Stockholm.
For the year 2007, the
Nobel Prize winners in Economics Science are
Leonid Hurwicz, Eric S Maskin, and Roger B. Myerson for having laid the foundations of mechanism design theory.
The theory was initiated by Emeritus Leo Hurwicz and further developed by Eric Maskin and Roger Myerson. The theory has immense significance by identifying efficient trading mechanism.
