LOS ANGELES -- (KTLA) A UCLA professor has won the Nobel Prize for economics, the Royal Swedish Academy of Sciences announced Monday

Lloyd Shapley of UCLA and Alvin E. Roth of Harvard University were awarded the Nobel Prize in economics for their work in market design and matching theory.

Roth and Shapley's work focuses on finding the most efficient way to match parties in a transaction, whether it be students to schools or organ donors to recipients, according to the academy.

Elements of their work are built into software that guides kidney donations in the United States, as well as in school choice models in New York, Boston, New Orleans and other U.S. cities, Roth told reporters Monday.

Shapley used game theory to study matching models, and Roth built on them to make real-world changes to existing markets, including school choice and organ transplants, the academy said.

Born June 2, 1923, in Cambridge, Massachusetts, Shapley earned his undergraduate degree at Harvard in 1948 and his doctorate in mathematics from Princeton University in 1953. He worked for Rand Corporation as a research mathematician and taught at Princeton before joining the University of California, Los Angeles in 1981.