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Designing Economic Mechanisms

Author

Listed:
  • 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.

Suggested Citation

  • Hurwicz,Leonid & Reiter,Stanley, 2006. "Designing Economic Mechanisms," Cambridge Books, Cambridge University Press, number 9780521836418.
  • Handle: RePEc:cup:cbooks:9780521836418
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    Cited by:

    1. R. de O. Cavalcanti & P. K. Monteiro, 2016. "Enriching information to prevent bank runs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(3), pages 477-494, August.
    2. repec:spr:grdene:v:23:y:2014:i:5:d:10.1007_s10726-013-9342-x is not listed on IDEAS
    3. Reyer Gerlagh & Roweno J.R.K. Wan, 2018. "Optimal Stabilization in an Emission Permits Market," CESifo Working Paper Series 6950, CESifo Group Munich.
    4. repec:eee:transb:v:99:y:2017:i:c:p:205-227 is not listed on IDEAS
    5. A. Mantovi, 2013. "On the geometry of luxury," Economics Department Working Papers 2013-EP02, Department of Economics, Parma University (Italy).
    6. Barry Sopher & Revan Sopher, 2013. "An Experiment on Partnership Protocols for Bilateral Trade with Incomplete Information," Departmental Working Papers 201304, Rutgers University, Department of Economics.
    7. repec:gam:jsusta:v:10:y:2018:i:5:p:1586-:d:146553 is not listed on IDEAS
    8. Pieter H.M. RUYS, 2014. "Architecture of an Economy with Social Enterprises: the Relational Capacity Approach," CIRIEC Working Papers 1413, CIRIEC - Université de Liège.
    9. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters,in: Comparative Institutional Analysis, chapter 17, pages 298-312 Edward Elgar Publishing.
    10. Bauer, Johannes M., 2014. "Platforms, systems competition, and innovation: Reassessing the foundations of communications policy," Telecommunications Policy, Elsevier, vol. 38(8), pages 662-673.
    11. Yu Zhou & Jin Fan & Dingtao Zhao & Shanyong Wang, 2016. "The impact of carbon trading on regulated agents in China," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 21(3), pages 377-390, March.
    12. repec:spr:annopr:v:260:y:2018:i:1:d:10.1007_s10479-017-2416-4 is not listed on IDEAS
    13. Dirk Helbing, 2013. "Economics 2.0: The Natural Step towards A Self-Regulating, Participatory Market Society," Papers 1305.4078, arXiv.org, revised Jun 2013.
    14. repec:oup:scippl:v:45:y:2018:i:1:p:53-73. is not listed on IDEAS
    15. Andrea Mantovi, 2014. "On Luxury and Equilibrium," Review of Economic Analysis, Rimini Centre for Economic Analysis, vol. 6(2), pages 87-118, December.
    16. Agnieszka Lipieta & Andrzej Malawski, 2016. "Price versus quality competition: in search for Schumpeterian evolution mechanisms," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 1137-1171, December.
    17. 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.
    18. Babaioff, Moshe & Blumrosen, Liad & Schapira, Michael, 2013. "The communication burden of payment determination," Games and Economic Behavior, Elsevier, vol. 77(1), pages 153-167.
    19. repec:spr:grdene:v:18:y:2009:i:4:d:10.1007_s10726-008-9146-6 is not listed on IDEAS
    20. Healy, Paul J. & Mathevet, Laurent, 2012. "Designing stable mechanisms for economic environments," Theoretical Economics, Econometric Society, vol. 7(3), September.

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