Three US economists scoop Nobel prize

Leonid Hurwicz, Eric Maskin and Roger Myerson are the winners of the 2007 Sveriges Riksbank Nobel Prize in Economic Sciences, the Royal Swedish Academy of Sciences said on Monday.

The three economists, all university professors at US universities, will share a prize of SKr10 million ($1.57 million) prize for having laid the foundations of mechanism design theory, which enables economists to distinguish situations in which markets work well from those that do not. The theory was initiated by H