The Nobel Prize for Economic Science was awarded jointly today to Peter Diamond of MIT, Dale Mortensen of Northwestern University and Christopher Pissarides of LSE.
These had not been considered among the favourites for the prize. Though it is almost a given now that favourites do not win.
The trio were awarded the prize for their work on markets with search frictions. In particular the application of their work to understanding the operation of labour markets - a particular issue now in the context of high global un(der)employment.
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