Shapley, Lloyd Stowell
Shapley, Lloyd Stowell(shăp`lē), 1923–2016, American mathematician and economist, b. Cambridge, Mass., Ph.D Princeton, 1953; son of Harlow ShapleyShapley, Harlow
, 1885–1972, American astronomer, b. Nashville, Mo., grad. Univ. of Missouri, 1910, Ph.D. Princeton, 1913. He was astronomer at Mt. Wilson Observatory from 1914 to 1921, when he became director of Harvard Observatory.
..... Click the link for more information. . He worked at the RAND Corp. from 1954 to 1981 as a research mathematician and then was an economics and mathematics professor at the Univ. of California, Los Angeles (emeritus from 2001). One of the most important investigators in game theory (see games, theory ofgames, theory of,
group of mathematical theories first developed by John Von Neumann and Oskar Morgenstern. A game consists of a set of rules governing a competitive situation in which from two to n
..... Click the link for more information. ), he made many significant contributions to the field, focusing on the areas of noncooperative market models, political games, cost allocation, and organization theory. In cooperative game theory, he came up with a solution to how the benefits of cooperation could be equitably divided, depending on each participant's contribution, a concept now known as Shapley value. His work with David Gale on how to match two groups of people in a way that produces the most stable matchings ultimately had practical applications in the work of economist Alvin RothRoth, Alvin Elliot,
1951–, American economist, b. New York City, Ph.D Stanford, 1974. He has been a professor in economics and business administration at the Univ. of Illinois (1974–82), the Univ.
..... Click the link for more information. . In 2012 he and Roth were jointly awarded the Nobel Memorial Prize in Economic Sciences for their work on matching theory and market design.