American awarded Nobel Prize for economics

Americans Alvin E. Roth from Harvard and Lloyd S. Shapley from the University of California have been awarded the Nobel Prize for economics, the Royal Swedish Academy of Sciences announced on Monday.

The two economists were recognized for their work on "the theory of stable allocations and the practice of market design", RIA Novosti reports.

This is said to be the last of the 2012 Nobel Prizes to be announced.

The Prize in Economic Sciences was created by the Swedish central bank in Nobel's memory in 1968. Each award is worth 8 million Swedish kronor, or about $1.2 million.