KyiMayKaung

Burma, America, The World, Art, Literature, Political Economy through the eyes of a Permanent Exile. "We must take sides. Neutrality helps the oppressor, never the oppressed. Sometimes we must interfere. . . There is so much injustice and suffering crying out for our attention . . . writers and poets, prisoners in so many lands governed by the left and by the right." Elie Wiesel, Nobel Peace Prize Speech, 1986, Oslo. This entire site copyright Kyi May Kaung unless indicated otherwise.

Monday, October 15, 2012

Economics Nobel Prize - For layperson, what is Matching Theory?

http://en.wikipedia.org/wiki/Matching_theory_%28economics%29

Dried seafood - NY Chinatown - photo copyright Kyi May Kaung. Prices help match buyers and sellers at micro level (individual level) at macro level for the whole economy, Market Models attempt to find out the balance - but models are only as good as the mathematical relationship is true and the parameters plugged in are accurate. This year's Nobel in Ecos. is awarded for innovative theory building that has a practical use, for example in matching organ donors and recipients. Kyi May Kaung