Peter A. Diamond and Dale T. Mortensen Shared the Nobel Prize in Economics with Christopher Pissarides - 2010
NBER Research Associates Peter A. Diamond of MIT and Dale T. Mortensen of Northwestern University shared the 2010 Nobel Prize in Economics with Christopher Pissarides of the London School of Economics.
The award citation prepared by the Prize Committee of the Royal Swedish Academy of Sciences highlighted the three researchers' analysis of "markets with search frictions." Their research has found broad application in the study of markets for labor, housing, and many other commodities. A particularly current application is to an understanding of how unemployment can remain high in the United States and other developed countries despite the presence of a substantial number of job vacancies.