Theory of mechanism design (2007 nobel prize in economics)

S. Izmalkov; K. Sonin; M. Yudkevich

doi:10.32609/0042-8736-2008-1-4-26

Theory of mechanism design (2007 nobel prize in economics)

S. Izmalkov, K. Sonin, M. Yudkevich

Research output: Contribution to journal › Article › peer-review

Abstract

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.

Original language	English
Pages (from-to)	4-26
Number of pages	23
Journal	Voprosy Ekonomiki
Volume	2008
Issue number	1
DOIs	https://doi.org/10.32609/0042-8736-2008-1-4-26
State	Published - 2008
Externally published	Yes

Bibliographical note

Publisher Copyright:
© 2008, Russian Presidental Academy of National Economy and Public Administration. All Rights Reserved.

Keywords

Auctions
Economic institutions
Incentives
Mechanism design
Nobel Prize in economics

ASJC Scopus subject areas

Business and International Management
History
Economics and Econometrics
General Economics, Econometrics and Finance

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10.32609/0042-8736-2008-1-4-26

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Theory of mechanism design (2007 nobel prize in economics)

Abstract

Bibliographical note

Keywords

ASJC Scopus subject areas

Access to Document

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