2005 Economic Nobel Prize

The 2005 Nobel Prize in Economic Sciences was awarded to Robert J. Aumann and Thomas C. Schelling for their work on game theory, which studies strategic decision-making among individuals and organizations. Their research helps explain how people and groups make choices in situations involving interdependence, such as negotiations, conflicts, or cooperation. Their insights have advanced our understanding of economic and social interactions, influencing everything from international relations to market behavior. Essentially, their work helps us understand how strategic decisions are made and how they shape collective outcomes.