Economist Peter Diamond wins Nobel Prize
Peter A. Diamond PhD '63, Institute Professor and professor of economics emeritus at MIT, has won the Nobel Prize in Economic Sciences for 2010. Diamond has received the award along with two co-winners, Dale T. Mortensen of Northwestern University and Christopher A. Pissarides of the London School of Economics.In an initial announcement Monday morning, the Nobel Foundation cited the three scholars in part "for their analysis of markets with search frictions." Among many other avenues of research he has pursued in his career, Diamond helped develop studies beginning in the 1980s that examined the ways markets function. This aspect of economic research — “search theory” — has been frequently applied to labor markets in the years since, in an attempt to see how the needs of individuals and employers are met. Diamond received his PhD from MIT in 1963 (his thesis adviser, Robert M. Solow, also won the Nobel Prize...