Peter A. Diamond is a professor of economics at MIT. He won the Nobel Prize in Economic Sciences for 2010 along with two co-winners, Dale T. Mortensen of Northwestern University and Christopher A. Pissarides of the London School of Economics for his "analysis of markets with search frictions."

Among many other avenues of research he has pursued in his career, Diamond helped develop studies from the late 1970s onward that examined the ways markets function over a period of time. This aspect of economic research — “search theory” — has been frequently applied to labor markets in the years since, in an attempt to see how the needs of individuals and employers are met. In addition to his work on markets, Diamond’s career has covered topics from public finance to taxation, Social Security, labor markets and behavior economics.

Diamond’s modeling approach of the uncertainties and imperfections (or “frictions”) of markets has been used in many ways. His co-winners of the Nobel Prize (and EcoMod’s Modeler of te Month) in 2010, Mortensen and Pissarides, were among the many economists who have applied it to labor markets, to see how individuals and prospective employers search for matches to their own needs.

Peter Diamond received his PhD from MIT in 1963 (his thesis adviser, Robert M. Solow, also won the Nobel Prize in Economic Sciences, in 1987). He returned to the Institute in 1966 and has remained a member of its faculty ever since.

http://www.nobelprize.org/nobel_prizes/economics/laureates/2010/diamond.html