LOS ANGELES (AP) — Lloyd S. Shapley, a researcher of strategic decision-making called “game theory” who shared the 2012 Nobel Prize in economics, has died. He was 92.
The Rand Corp., where Shapley worked as a research mathematician for decades, said he died Saturday in Tucson, Arizona. His health had declined after breaking a hip several weeks ago.
Shapley was 89 and professor emeritus at the University of California, Los Angeles, when he received the Nobel for his work a half-century earlier that analyzed match-making in markets.
Shapley shared the prize with Alvin Roth, who teaches economics at Harvard and Stanford.
Shapley came up with formulas to match supply and demand in markets where prices don’t do the job; Roth put Shapley’s math to work in the real world.
The Royal Swedish Academy of Sciences said their work sparked a flourishing field of research.
Shapley is survived by two sons and their families.