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Mechanism Design Theory for Dummies
by Felix Salmon
and Yves Smith
Oct 15, 2007
Oct 15, 2007
This Nobel prize is exactly the sort of thing that journalists have nightmares about. They wake up early, and read a citation from the Royal Swedish Academy of Sciences giving the Economics prize to three economists they've never heard of, for helping to develop an entire discipline – mechanism design theory – that they've also never heard of. And so if I were you I'd leave the MSM alone and head straight over to Marginal Revolution, where Tyler and Alex are doing a great job of bringing us all up to speed. Start here, and then read more on Eric Maskin, Roger Myerson, and Leonid Hurwicz. Or alternatively, you can try my own 98-word explanation of what mechanism design theory is:
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