Nobel Prize in Economic Sciences 2007
October 15th, 2007 Cournot Game with Three Competitors |
Congratulations Eric Maskin, Roger Myerson, and Leonid Hurwicz (who at 90 is the oldest person to recieve a Nobel), for each winning 1/3rd of the The Sveriges Riksbank Prize in Economic Sciences 2007, “for having laid the foundations of mechanism design theory.”
Only Republicans and Democrats describe our economies in black and white socialist and capitalist terms, dishonestly circumventing the reality that all markets are mixtures of strategies. Socialist roads are preferable to capitalist ones, market competition promotes more innovation and progress than monopolization, and Health Insurance’s third party payment systems just sucks ass all around.
Determining when regulation, taxation, privatization, voluntary charity, auctions, and other market architectures and solutions provide the best solutions to different market situations is the basis of Mechanism Design Theory, and the field appears to rely heavily on game theory for its research and insights.
Information for the public about this field here (PDF).
Scientific Background here (PDF).
