It began with work by Leonid Hurwicz of the University of Minnesota in nineteen sixty. Eric Maskin of the Institute (1) for Advanced (2) Study in Princeton , New Jersey , and Roger Myerson of the niversity of Chicago further developed it.

The three Americans will share the award ( 3) worth about one and a half million dollars. The Royal Swedish Academy of Sciences announced ( 4) the winners this week.

In everyday life, there are many things that get in the way of efficient markets. There may not be true competition ( 5) . Buyers and sellers may keep some information private from each other. Also, the production and use of goods may result in outcomes like pollution (6) or social costs

(1) Institute ： ( 专科性的 ) 学校；学院 , 大学；研究所

(2) advanced ： 高级的；高等的

(3) award ： 奖；奖品

(4) announced ： 宣布；发布

(5) competition ： 竞争者；比赛对手

(6) pollution ： 污染物；污染地区