Northwestern professor Dale Mortensen, center, is welcomed to a press conference at the University of Aarhus, in Aarhus, Denmark, Monday Oct. 11, 2010. (Polfoto/Andreas Szlavik)

Northwestern University professor Dale Mortensen won the Nobel Prize for economics, Monday, for demonstrating the job market is far more complicated, and irrational, than economists had believed.

Federal Reserve board nominee Peter Diamond was also honored along with Christopher Pissarides with the 10 million Swedish kronor ($1.5 million) prize for their analysis of the obstacles that prevent buyers and sellers from efficiently pairing up in labor, housing and other markets. Get the full story »