In a three-way allocation, the Nobel Memorial Prize in Economic Science was awarded moments ago to Leonid Hurwicz, of the University of Minnesota-Twin Cities; Eric S. Maskin, of the Institute for Advanced Study, in Princeton, N.J.; and Roger B. Myerson, of the University of Chicago.

The prize, the final Nobel award to be announced this year, recognizes the scholars’ work in creating mechanism-design theory, which “greatly enhanced our understanding of the properties of optimal allocation mechanisms” when the invisible hand of Adam Smith’s archetypal free market is frustrated by situations in which competition is not free and consumers have unequal information, according to a statement by the Royal Swedish Academy of Sciences.

Because such situations are common, mechanism-design theory has become a powerful, widespread tool across economics.

The three economists will receive equal shares of the prize, worth about $1.5-million, at a ceremony in December.

The prize is the sixth announced in the last week. Last Monday the prize in medicine was announced. On Tuesday the physics prize was awarded. On Wednesday the chemistry prize was awarded. On Thursday the literature prize was announced. And on Friday, the peace prize was awarded. The Chronicle will have a fuller report on the economics prize winners later. —Andrew Mytelka