It is worth noting that the Nobel Prize in Economics was announced on Monday. The winners are Leonid Hurwicz (University of Minnesota), Eric Maskin (Institute for Advanced Study at Princeton University) and Roger Myerson (University of Chicago). They are famous for their seminal work in the field of “Mechanism Design Theory”. NPR provides a good (audio) explanation on their website. Still don’t understand what these Nobel winners developed? Here’s an explanation for non-economists from the "Marginal Revolution" blog.