Study of asymmetric markets wins economics award

NOBEL PRIZE - Three American economists have been awarded this year's Nobel prize for their work on the advantages enjoyed by sellers over buyers in markets ranging from jobs to crops to second-hand cars.

During the 1970s George Akerlof, Michael Spence and Joseph Stiglitz developed the understanding of information asymmetries that is now a standard tool for economists seeking to explain how markets work.

Yesterday's award came as no surprise to the world of academic economists: the three were b