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Designing Economic Mechanisms

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  • Hurwicz,Leonid
  • Reiter,Stanley

Abstract

A mechanism is a mathematical structure that models institutions through which economic activity is guided and coordinated. There are many such institutions; markets are the most familiar ones. Lawmakers, administrators and officers of private companies create institutions in order to achieve desired goals. They seek to do so in ways that economize on the resources needed to operate the institutions, and that provide incentives that induce the required behaviors. This book presents systematic procedures for designing mechanisms that achieve specified performance, and economize on the resources required to operate the mechanism. The systematic design procedures are algorithms for designing informationally efficient mechanisms. Most of the book deals with these procedures of design. When there are finitely many environments to be dealt with, and there is a Nash-implementing mechanism, our algorithms can be used to make that mechanism into an informationally efficient one. Informationally efficient dominant strategy implementation is also studied.

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Bibliographic Info

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This book is provided by Cambridge University Press in its series Cambridge Books with number 9780521724104 and published in 2008.

Order: http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=9780521724104
Handle: RePEc:cup:cbooks:9780521724104

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Web page: http://www.cambridge.org

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Cited by:
  1. Babaioff, Moshe & Blumrosen, Liad & Schapira, Michael, 2013. "The communication burden of payment determination," Games and Economic Behavior, Elsevier, vol. 77(1), pages 153-167.
  2. Healy, Paul J. & Mathevet, Laurent, 2012. "Designing stable mechanisms for economic environments," Theoretical Economics, Econometric Society, vol. 7(3), September.
  3. Dirk Helbing, 2013. "Economics 2.0: The Natural Step Towards a Self-Regulating, Participatory Market Society," INET Research Notes 32, Institute for New Economic Thinking (INET).
  4. Segal, Ilya, 2007. "The communication requirements of social choice rules and supporting budget sets," Journal of Economic Theory, Elsevier, vol. 136(1), pages 341-378, September.
  5. Dirk Helbing, 2013. "Economics 2.0: The Natural Step towards A Self-Regulating, Participatory Market Society," Papers 1305.4078, arXiv.org, revised Jun 2013.
  6. Aoki, Masahiko, 2011. "Institutions as cognitive media between strategic interactions and individual beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 79(1-2), pages 20-34, June.
  7. A. Mantovi, 2013. "On the geometry of luxury," Economics Department Working Papers 2013-EP02, Department of Economics, Parma University (Italy).
  8. A. Mantovi, 2014. "On luxury and equilibrium," Economics Department Working Papers 2014-EP02, Department of Economics, Parma University (Italy).

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