The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010 was awarded to Peter A. Diamond, Dale T. Mortensen and Christopher A. Pissarides "for their analysis of markets with search frictions".
Americans Peter A. Diamond and Dale T. Mortensen and Cyprus-born Christopher A. Pissarides, who together developed a theory of search markets such as those in which employers seek to fill vacancies and job seekers search for employment.
They developed a theoretical framework known as the Diamond-Mortensen-Pissarides (DMP) model, which became widely used in labour-market analysis. The model describes the search activity of the unemployed, the methods by which firms recruit and formulate wages, and the effects of economic policies and regulation, such as levels of unemployment benefits and rules on hiring and firing, on labour markets.
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