Leonid Hurwicz, Regents’ Professor of Economics (Emeritus) at the University of Minnesota, was awarded the 2007 Nobel Prize in Economics, becoming the oldest recipient of any Nobel Prize (he's 90 years old).
Hurwicz shares the Economics Prize with Eric Maskin and Roger Myerson, both of whom refined his work in the techniques of analyzing imperfect markets. Their work is used to help find the "most efficient method for allocating resources given the available information, including the incentives of those involved." (called Mechanism Design Theory)
If you want to know more about it, just come to Minneapolis and attend the Game Theory class with me ;-)
.. or google it, quite impressive what economists do all day long, seems that the cold winter here boosts research activities..
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