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Designing Economic Mechanisms
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Designing Economic Mechanisms Hardcover - 2006

by Leonid Hurwicz; Stanley Reiter


From the publisher

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 orders 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, i.e., informationally efficient mechanisms. Our 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.

Details

  • Title Designing Economic Mechanisms
  • Author Leonid Hurwicz; Stanley Reiter
  • Binding Hardcover
  • Pages 356
  • Volumes 1
  • Language ENG
  • Publisher Cambridge University Press
  • Date 2006-05-22
  • Illustrated Yes
  • Features Bibliography, Dust Cover, Illustrated, Index, Table of Contents
  • ISBN 9780521836418 / 0521836417
  • Weight 1.35 lbs (0.61 kg)
  • Dimensions 6.23 x 9.24 x 0.95 in (15.82 x 23.47 x 2.41 cm)
  • Library of Congress subjects Mathematical optimization, Game theory
  • Library of Congress Catalog Number 2005034796
  • Dewey Decimal Code 330.015
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Designing Economic Mechanisms
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