I am late to the commemoration of Ronald Coase’s contribution to economics, on the occasion of his death yesterday at the age of 102 years. You will find a large number of online posts about this with a simple search. … Continue reading
Category Archives: Mechanism Design
Al Roth has a post in the Market Design blog that links to the Nobel lectures by Lloyd Shapley and Roth himself.
Two nice, long posts: from Mark Thoma and from Alex Tabarrok.
Wiley offers this page with links to published research by the two prize winners at no charge. (Via Diane Coyle on Twitter.)
Joshua Gans wrote a long post about Market Design and Al Roth’s and Lloyd Shapley’s prize. So did Kevin Bryan, over at A Fine Theorem, which also has a free-for-the-taking research idea.
Congratulations to Alvin Roth and Lloyd Shapley on being awarded the Bank of Sweden prize in Economics in memory of Alfred Nobel! Their work enriched both theoretical and applied game theory.
Moving beyond consequentialism The vast majority of the implementation literature follows mainstream economic theory by assuming that agents care about outcomes (consequentialism). Of course this is not true; most people care in some measure about how outcomes are achieved, too. … Continue reading
Among economists this topic is known as the Myerson-Satterthwaite Theorem. Over at Cheap Talk, Jeff Ely has a nice explanation in plain language.
Well, make this a bad example if you must. It is an example of bad incentives that produce bad outcomes. I am referring to the article by Bebchuk, Cohen, and Spamann in the Project Syndicate web site, in which the … Continue reading
Recently, Gary Kasparov wrote an essay about humans and computers playing chess, under the guise of a book review. Andrew McAfee today published an essay on Kasparov’s ideas, with a specific focus on one observation by Kasparov. Kasparov noted that … Continue reading