Israeli and US citizen Robert Aumann and American Thomas Schelling won this year's Nobel Memorial Prize in Economic Sciences yesterday for their work on game theories that help explain economic conflicts, including trade and price wars.
The pair were cited "for having enhanced our understanding of conflict and cooperation through game-theory analysis," the Royal Swedish Academy of Sciences said.
Aumann, 75, and Schelling, 84, have helped to "explain economic conflicts such as price wars and trade wars, as well as why some communities are more successful than others in managing common-pool resources," the academy said in its citation.
Schelling is a professor at the University of Maryland's department of economics and a professor emeritus at Harvard.
Aumann, is a professor at the Center for Rationality at the Hebrew University of Jerusalem.
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