LOS ANGELES (CBSLA.com) — A professor emeritus of economics and mathematics at UCLA, Lloyd Shapley, was awarded Monday the Nobel Memorial Prize in Economic Sciences.

Shapley, 89, won the award, officially known as the Sveriges Prize in Economic Sciences in Memory of Alfred Nobel, for his work on “the theory of stable allocations and the practice of market design,” according to a press release.

The professor, who started working at UCLA in 1981, shares the award with Harvard University economist Alvin Roth.

The two worked independently, but their collective work “has generated a flourishing field of research and improved the performance of many markets.”