2007
Rational Rules
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…
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2007
The Sveriges Riksbank Prize in Economic Sciences 2007 Collective goods If a collective project, such as a bridge, is to be built, how can we determine that the total benefits provided by the bridge exceed the total cost when various stakeholders have private information about their valuations and also have incentives not to reveal…
moreThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2007
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2007 The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2007 jointly to Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson “for having laid the foundations of…
moreThe Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2007
The Sveriges Riksbank Prize in Economic Sciences 2007 Environmental protection Designing effective regulations for operations that are harmful for the environment is another area in which mechanism design theory can be applied. Companies often have private information about their profitability and the costs of environmental improvement measures. One general insight is that companies that claim…
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Useful Links / Further Reading
Other resources
Leonid Hurwicz, University of Minnesota, Minneapolis, MN, USA. Eric S. Maskin, Institute for Advanced Study, Princeton, NJ, USA , University of Chicago, IL, USA Introductury scientific articles Baliga, S. and E. Maskin (2003): “Mechanism design for the environment”, in K. Mäler and J. Vincent (eds.), Handbook of Environmental Economics. Elsevier Science, Amsterdam. Serrano,…
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