US trio wins Nobel economics prize

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NEW YORK, Oct 16(Agencies): Three US economists, one of them a 90-year-old professor emeritus from Minnesota, will share this year's Nobel prize in economics for their work on how people's knowledge and self-interest affect their behavior in the market or in social situations such as voting and labor negotiations.
Al Gore and a United Nation Climate Body win the Nobel Peace Prize for their efforts both in raising awareness of climate change issues, and helping to coordinate responses.
Norwegian Nobel Committee has awarded the Nobel Peace Prize for 2007 to the UN's Intergovernmental Panel on Climate Change and Albert Arnold Gore Jr. "for their efforts to build up and disseminate greater knowledge about man-made climate change, and to lay the foundations for the measures that are needed to counteract such change."
By awarding the Nobel Peace Prize to the IPCC and the former U.S. Vice President, the Norwegian Nobel Committee said it is "seeking to contribute to a sharper focus on the processes and decisions that appear to be necessary to protect the world's future climate, and thereby to reduce the threat to the security of mankind."
Leonid Hurwicz, who lives in south Minneapolis, is the oldest winner ever of the Nobel, the Royal Swedish Academy of Sciences said in their announcement Monday.
His work - along with that of Eric S. Maskin and Roger B. Myerson, who both are 56 - led to a theory that plays a wide-ranging role in contemporary economics and political science, touching on areas as diverse as labor contract negotiations, auctions of government bonds, voting procedures and the structuring of insurance policies.
They will share a $1.5 million prize, to be awarded in December.