THE GALE-SHAPLEY ALGORITHM: “THE PERSON CHIEFLY RESPONSIBLE FOR THE DEVELOPMENT OF COOPERATIVE GAME THEORY IS LLOYD SHAPLEY”

GALE, David and SHAPLEY, Lloyd. “College Admissions and the Stability of Marriage.” IN: The American Mathematical Monthly. Volume 69, Number 1, pp. 9-15 [entire issue present]. Menasha, Wisconsin and Buffalo, New York: Mathematical Association of America, January, 1962. Octavo, original staple-bound blue printed paper wrappers; pp. 84. Housed in a custom clamshell box. $2750.

First edition of this groundbreaking early paper by the co-winner of the 2012 Nobel Prize in Economics, Lloyd Shapley.

“This year’s prize-winning work encompasses a theoretical framework for analyzing resource allocation, as well as empirical studies and actual redesign of real-world institutions such as labor-market clearinghouses and school admissions procedures. The foundations for the theoretical framework were laid in 1962, when David Gale and Lloyd Shapley published a mathematical inquiry into a certain class of allocation problems [the present paper]… The person chiefly responsible for the development of cooperative game theory is Lloyd Shapley… In collaboration with D. Gale, H. Scarf and M. Shubik, Shapley created the theory of matching markets. Launching the theory, Gale and Shapley (1962) expressed the hope that one day it would have practical applications. This hope has been fulfilled by the emerging literature on market design” (Scientific Background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel [commonly known as the Nobel Prize in Economics] 2012). Had Gale lived, it is virtually certain he would have shared the Nobel with Shapley and Alvin E. Roth. Owner inkstamp to front wrapper.

Spine and front wrapper lightly tanned. Near-fine condition.