Swedish 15 oktober 2007 har beslutat att utdela Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne år 2007 gemensamt till Leonid Hurwicz University of Minnesota, MN, USA, Eric S. Maskin Institute for Advanced Study, Princeton, NJ, USA, och Roger B. Myerson University of Chicago, IL, USA “för att ha lagt grunden till teorin…

Your questions to Roger B. Myerson After the 2007 Nobel Prize announcements, visitors to Nobelprize.org had the possibility to submit questions to the 2007 Nobel Laureates. Here, Roger B. Myerson, answers a selection of the questions. Question: It seems that regulation theory and applied regulation in general always tries to capture and control some market…

A scholar’s greatest asset is his or her intuition about what questions to study and with what methodology. A scientific autobiography should shed some light on how this intuition grew and developed over time. The interests that shape one’s adult life generally have deep roots in childhood. I grew up in a comfortable suburb of…

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Your questions to Eric S. Maskin After the 2007 Nobel Prize announcements, visitors to Nobelprize.org had the possibility to submit questions to the 2007 Nobel Laureates. Here, Eric Maskin, answers a selection of the questions. Question: It seems that regulation theory and applied regulation in general always tries to capture and control some market inefficiency…

The Sveriges Riksbank Prize in Economic Sciences 2007   Private information The card player in the picture knows exactly what she has in her hand, information that she does not want to share with her opponents. In the same way, potential buyers are unwilling to reveal to a seller exactly how much they are prepared…

The Sveriges Riksbank Prize in Economic Sciences 2007   Information about the Prize in Economic Sciences 2007   • Mechanism Design for the Environment, S. Baliga and E. Maskin, Handbook of Environmental Economics, K. Mäler and J. Vincent (ed.), Elsevier Science, Amsterdam, 2003 • The theory of implementation of social choice rules, R. Serrano, SIAM…

The Sveriges Riksbank Prize in Economic Sciences 2007 Mechanism design theory provides methods to answer the following general question: What are the best rules of the game, or the best mechanism, for attaining a given objective? These objectives may vary in character: for example social welfare, profit from transactions in a market, a fair allocation…

The Sveriges Riksbank Prize in Economic Sciences 2007 Collective decision making frequently involves voting, but voting rules are not always the same. Sometimes a consen­sus is required, sometimes a simple majority is enough and sometimes a qualified majority is required. In the sphere of economics as well – in markets and in companies – many…