Theory of Mechanism Design
(2007 Nobel Prize in Economics) The paper outlines the basics of the mechanism design theory and describes the defining contribution of Leo Hurwiсz, Eric Maskin, and Roger Myerson, the Nobel prize winners in economics in 2007. It starts by introducing the concepts of economic mechanism, incentive compatibility, and implementation, and provides a non-technical description of main results. Then it explains the relationship between theoretical foundations and real-world market mechanisms such as auctions. Finally, recent applications of the mechanism design theory to institutional analysis are discussed.
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