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The 2007 Nobel Prize in Economics: Mechanism Design Theory
Authors:
Martin Čihák
JEL classification:
B21, B41, C70, C90, D78
Keywords:
mechanism design, economic policy, Nobel Prize
Abstract
The 2007 Nobel Prize in Economics has been awarded to Leonid Hurwicz, Eric Maskin, and Roger Myerson, for their contributions to mechanism design theory. The article discusses the importance of mechanism design theory for modern economics, focusing on some of its implications for economic policy making.