US laureate 'honoured' by Nobel economics prize

Nobel economics co-laureate Roger Myerson said he was "confused" on learning the news of the award but also "incredibly honoured" by the prestigious prize.

Myerson, a University of Chicago economist who shares the Nobel with fellow Americans Leonid Hurwicz and Eric Maskin, said he hopes his theoretical work can be applied to social problems.

"I do economic theories because I think it's important," he told a news conference. "There are economic and social problems that require our best efforts to understand better."

The 56-year-old and his colleagues were recognised for their pioneering work on making markets work more efficiently. "I was a bit confused when they called," the economist said of learning the news, but added: "I'm incredibly honoured to be added to that list."

The Nobel jury lauded the trio's work on Mechanism Design theory, a field of economics that looks at ways to improve imperfect markets, whether economic or social exchanges.

AFP