Economics Topics
Economics Topics
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Nobel Prize in Economics
The "oldest person ever to be recognized by the Swedes, in any discipline":
The Road to a System that Works (Without Shooting People), by David Warsh, Economic Principles: ...It is a truism that most Nobel Prizes are won by researchers who tumble onto their topics in their twenties and often ...
Mechanism design theory is a major breakthrough in the modern economic analysis of institutions and markets. It revolutionalised the way economists think about optimal institutions and regulation when governments don't “know it all.” It has had a major impact on current policy-making and will ...
Mechanism design isn’t covered in the typical introductory economics class. ...
This year the Nobel Prize for Economics went to Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson for the rather esoteric field of mechanism design.
What is mechanism design? Well it is basically a branch of game theory (a field in mathematics) that looks at how to come up ...
Barkley Rosser is unimpressed by the InTrade speculation about the winner of the Nobel Prize in Economics:
The various betting markets on the Sveriges Riksbank Prize for Economics in Memory of Alfred Nobel, such as intrade.com, were just way off. ...
Overall, mechanism design increases our appreciation of markets, if only by showing how difficult it is to produce good outcomes while respecting the constraints that markets must satisfy. In a sense, mechanism design is to markets what genetic algorithms are to life. Theorists may one day design a better market mechanism or a better genetic ...
While I remain disappointed that the Nobel Prize in Economic Science has yet to be awarded to Gordon Tullock, Armen Alchian, Harold Demsetz, and Jagdish Bhagwati, after reading this essay (from today's Wall Street Journal) by my GMU colleague Pete Boettke ...
This is the best quick-and-dirty explanation you will get, courtesy of Alex Tabarrok.
Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, said mechanism design theory, which won its architects a Nobel prize today, offers insight into what happened in financial markets this summer.
LackerMechanism design theory, ...
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, ...
Tyler Cowen on the Nobel prize going to the mechanism design crowd.
In other words, no incentive scheme, no matter how clever, can get people to tell the truth. Grove, Clarke, Tideman, and Tullock lurk in the hallways. Note that a second price auction (let everyone bid ...
I'm looking forward to all the ways the media will butcher their work - mechanism design is not the easiest to explain to a lay audience.
The Prize in Economics 2007 - Press Release
Press Release
The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic ...
Economic bloggers weigh in on the award of the Nobel Prize in economics to Americans Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson.
This is precisely the kind of work which is going out of style in the broader profession. These guys are smart, smart, smart, and Hurwicz ...The Nobel Scientific Background paper is the best introduction to all of these people, and a good introduction to mechanism design in general.
As for Myerson, here is his home page. Here is his CV. Here is one overview. Here is Myerson in Google Scholar.
His most ...
Here is Wikipedia on Hurwicz. He is the granddaddy of the group, and the Nobel Committee sums it up nicely:
The seminal work of Leonid Hurwicz (1960,1972) marks the birth of mechanism design theory. In Hurwicz’s formulation, a mechanism is a communication system in which participants exchange messages with ...
Ok, Grandma may still have some difficulty but in honor of today's Nobelists, Hurwicz, Maskin and Myerson let's give it a go. Suppose that you are selling a rare painting for which you want to raise the maximum revenue. There are two potential buyers, Tyler, who values the painting at ...
Leonid Hurwicz (along with Roger Myerson and Eric Maskin) have been named the 2007 Nobel Prize winners in economics for their foundational work in mechanism design theory.
Mechanism design theory ---- which seeks to find rules of the game so that the institutional structure operating under ...
Leonid Hurwicz, Eric Maskin, and Roger Myerson won the Nobel Prize “for having laid the foundations of mechanism design theory.” Tyler Cowen thinks that their contributions are going out of style. I see ...
Damn John, they skipped us again:
Americans Leonid Hurwicz, Eric Maskin and Roger Myerson won the Nobel Memorial Prize in Economic Sciences on Monday for work that helps explain situations in which markets work well.
The three researchers "laid the foundations of mechanism design theory," the Royal Swedish Academy ...
Read the Royal Swedish Academy of Sciences’s statement on its decision to award the Nobel economics prize for 2007 to Leonid Hurwicz, Eric S. Maskin and Roger B. Myerson.
The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel ...
Leonid Hurwicz, Eric Maskin, and Roger Myerson won this year's Nobel Prize in Economics. And it is a well-deserved prize too.
I don't have much to add, except to note that NONE of these 3 economists appeared in the list of "favorites" in the Intrade marketplace ...
Congratulations to Leonid Hurwicz, Eric S. Maskin, and Roger B. Myerson! It was their work on mechanism design that the Nobel Committee decided to honor this year, demonstrating once again that all that pre-announcement speculation rarely gets it right. Well, there is always another year...
Here is an interview with Eric Maskin. His 1970s work explored when societies can choose procedural rules which lead to a social optimum. In the 1980s he focuses on optimal auction theory and how to raise the most revenue. In the 1990s he considered the existence of equilibria in ...
Win the Nobel Prize in Economics. That's funny, because this is precisely the kind of work which is going out of style in the broader profession. These guys are smart, smart, smart, and Hurwicz is probably the best known of the three. They are all high-powered theorists, doing incentives, ...
Eric is used to teach economic theory at Harvard and was a great teacher and colleague. If my recollection is correct, when he moved from Harvard to the Institute for Advanced ...
The Austrian Economists started posting in 2005 with the stated purpose of highlighting the insights of the Austrian school to bear on the conversation within the academic economics profession and to broader issues of political economy and public policy. We have spent some time discussing the ultimate professional ...
There’s much angst among the Blogs with the usual suspects predicted to be in the running.
Greg Mankiw, a leading Blogger, Harvard Professor, author of one of (if not ...
The winner will be announced on Monday.
Many candidates out there: Grew Mankiw's favorites are Fama, Feldstein, or Barro. Thompson Scientific'sare Helpman, Grossman, Tirole, Wilson or Milgrom.Tylor Cowen would give it to Krueger, Bhagwati and Tullock.
If you have your own favorite, ...
InTrade has opened a market for predictions of the Economics Nobel Prize. Fama is the current favorite.
In Trade market for Economic Nobel
HT: Mankiw
Here, and so far the posted numbers don't mean anything. Hat tip to the ever-vigilant Greg Mankiw.
A few years ago, I made some guess regarding who will the Nobel Prize in Economics (as I do every year). One of my picks- Thomas Schelling- won in 2005. The others remain contenders. Again, I ...
The previous post reminds us that The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel will be announced on Monday. Any picks? For years, I've been thinking that Jagdish Bhagwati would be a very good choice. Oliver Hart, Bengt Holmstrom, and Oliver Williamson ...
There is no trading yet, but soon it will provide a way for my senior colleagues to hedge the risk.
Mike Moffat thinks Eric Maskin deserves it. Greg Mankiw thinks it will go to Eugene Fama ...
Tyler Cowen states he would give it for rent-seeking. I would be thrilled if they did, but every October I start hoping against hope that it will go for entrepreneurship and to Israel Kirzner and Bill Baumol.
Neither Tyler nor I are predicting those ...
Greg Mankiw asks and receives many answers.
One guess is William Nordhaus, for his concept of "green accounting." An environmental prize is overdue but perhaps Nordhaus is too skeptical about stringent anti-global warming measures to get the appropriate reception in Stockholm.
Another option is Eugene Fama, both for testing
