Nobel laureate Lloyd S Shapley dies aged 92
Lloyd S Shapley, a researcher of strategic decision-making called "game theory" who shared the 2012 Nobel Prize in economics, has died aged 92.
The Rand Corp, where Mr Shapley worked as a research mathematician for decades, said he died yesterday in Arizona. His health had declined after breaking a hip several weeks ago.
Mr Shapley received the Nobel Prize for his work that analysed match-making in markets. He shared the prize with Alvin Roth, who teaches economics at Harvard and Stanford.
Mr Shapley came up with formulas to match supply and demand in markets where prices do not do the job; Mr Roth put Mr Shapley's maths to work in the real world.
The Royal Swedish Academy of Sciences said their work sparked a flourishing field of research.
Mr Shapley is survived by two sons.