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Designing Economic Mechanisms - 06 edition

Designing Economic Mechanisms (ISBN10: 0511217587; ISBN13: 9780511217586)
ISBN13: 978-0511217586
ISBN10: 0511217587

Summary: 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 b ...show moreook 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.

  • Authors helped found the field of mechanism design
  • Authors are internationally known for this work across North America, Europe, and Asia
  • Can be used in economics, operations research, and applied mathematics
...show less

Edition/Copyright: 06
Cover: Download (ebook)
Publisher: Cambridge University Press
Year Published: 2006
International: No

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