Designing Economic Mechanisms

- Hurwicz, L: Designing Economic Mechanisms

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Designing Economic Mechanisms
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Format:
Bog, hardback
Udgivelsesdato:
22-05-2006
Sprog:
Engelsk
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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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Udgivelsesdato:
22-05-2006
ISBN13:
9780521836418
Vægt:
690 g
Dybde:
24 mm
Bredde:
152 mm
Højde:
229 mm
Format:
Hardback
Bibliotekernes beskrivelse This book presents methods for designing institutions that direct and coordinate economic activity to achieve specified goals. Leonid Hurwicz is the joint Nobel Price Winner 2007 for The Sveriges Riksbank Prize in Economic Sciences. The book makes mathematical material accessible to economic theorists, applied economists and graduate students.

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