From the WSJ:
Americans Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson won the Nobel prize in economics on Monday for developing a theory that helps explain how incentives and private information affect the functioning of markets.
For those who want it, here is more information about the men and their work:
- Scientific Background
- Leonid Hurwicz, Wikipedia
- Roger Myerson, homepage
- Eric Maskin, Wikipedia
- The Influence of Hayek on Hurwicz (HT: The Austrian Economists)
- Thoughts from Arnold Kling, Alex Tabarrok, and Tyler Cowen.
- Readings on mechanism design.
UPDATE: Differing perspectives from our friends in the Austrian school: