Designing Economic Mechanisms

Author : Leonid Hurwicz
Publisher : Cambridge University Press
ISBN 13 : 113945434X
Total Pages : 321 pages
Book Rating : 4.46/5 ( download)

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Download or read book Designing Economic Mechanisms written by Leonid Hurwicz and published by Cambridge University Press. This book was released on 2006-05-22 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: A mechanism is a mathematical structure that models institutions through which economic activity is guided and coordinated. There are many such institutions; markets are the most familiar ones. Lawmakers, administrators and officers of private companies create institutions in order to achieve desired goals. They seek to do so in ways that economize on the resources needed to operate the institutions, and that provide incentives that induce the required behaviors. This book presents systematic procedures for designing mechanisms that achieve specified performance, and economize on the resources required to operate the mechanism. The systematic design procedures are algorithms for designing informationally efficient mechanisms. Most of the book deals with these procedures of design. When there are finitely many environments to be dealt with, and there is a Nash-implementing mechanism, our algorithms can be used to make that mechanism into an informationally efficient one. Informationally efficient dominant strategy implementation is also studied.

Author : Guillaume Haeringer
Publisher : MIT Press
ISBN 13 : 0262345099
Total Pages : 393 pages
Book Rating : 4.95/5 ( download)

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Download or read book Market Design written by Guillaume Haeringer and published by MIT Press. This book was released on 2018-03-02 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: A broad overview of market mechanisms, with an emphasis on the interplay between theory and real-life applications; examples range from eBay auctions to school choice. This book offers an introduction to market design, providing students with a broad overview of issues related to the design and analysis of market mechanisms. It defines a market as a demand and a supply, without specifying a price system or mechanism. This allows the text to analyze a broad set of situations—including such unconventional markets as college admissions and organ donation—and forces readers to pay attention to details that might otherwise be overlooked. Students often complain that microeconomics is too abstract and disconnected from reality; the study of market design shows how theory can help solve existing, real-life problems. The book focuses on the interplay between theory and applications. To keep the text as accessible as possible, special effort has been made to minimize formal description of the models while emphasizing the intuitive, with detailed explanations and resolution of examples. Appendixes offer general reviews of elements of game theory and mechanism design that are related to the themes explored in the book, presenting the basic concepts with as many explanations and illustrations as possible. The book covers topics including the basics of simple auctions; eBay auctions; Vickrey–Clarke–Groves auctions; keyword auctions, with examples from Google and Facebook; spectrum auctions; financial markets, with discussions of treasury auctions and IPOs; trading on the stock market; the basic matching model; medical match; assignment problems; probabilistic assignments; school choice; course allocation, with examples from Harvard and Wharton; and kidney exchange.

Author : Rakesh V. Vohra
Publisher : Cambridge University Press
ISBN 13 : 1139499173
Total Pages : 185 pages
Book Rating : 4.70/5 ( download)

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Download or read book Mechanism Design written by Rakesh V. Vohra and published by Cambridge University Press. This book was released on 2011-05-09 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design.

Author : Quiang Cheng
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.92/5 ( download)

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Download or read book Essays on Designing Economic Mechanisms written by Quiang Cheng and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Tilman Borgers
Publisher : Oxford University Press
ISBN 13 : 0190244682
Total Pages : 288 pages
Book Rating : 4.82/5 ( download)

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Download or read book An Introduction to the Theory of Mechanism Design written by Tilman Borgers and published by Oxford University Press. This book was released on 2015-05-01 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the best way to auction an asset? How should a group of people organize themselves to ensure the best provision of public goods? How should exchanges be organized? In An Introduction to the Theory of Mechanism Design, Tilman Börgers addresses these questions and more through an exploration of the economic theory of mechanism design. Mechanism design is reverse game theory. Whereas game theory takes the rules of the game as a given and makes predictions about the behavior of strategic players, the theory of mechanism design goes a step further and selects the optimal rules of the game. A relatively new economic theory, mechanism design studies the instrument itself as well as the results of the instrument. An Introduction to the Theory of Mechanism Design provides rigorous but accessible explanations of classic results in the theory of mechanism design, such as Myerson's theorem on expected revenue maximizing auctions, Myerson and Satterthwaite's theorem on the impossibility of ex post efficient bilateral trade with asymmetric information, and Gibbard and Satterthwaite's theorem on the non-existence of dominant strategy voting mechanisms. Börgers also provides an examination of the frontiers of current research in the area with an original and unified perspective that will appeal to advanced students of economics.

Author : Tilman Borgers
Publisher : Oxford University Press
ISBN 13 : 019987588X
Total Pages : 264 pages
Book Rating : 4.87/5 ( download)

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Download or read book An Introduction to the Theory of Mechanism Design written by Tilman Borgers and published by Oxford University Press. This book was released on 2015-05-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the best way to auction an asset? How should a group of people organize themselves to ensure the best provision of public goods? How should exchanges be organized? In An Introduction to the Theory of Mechanism Design, Tilman B?rgers addresses these questions and more through an exploration of the economic theory of mechanism design. Mechanism design is reverse game theory. Whereas game theory takes the rules of the game as a given and makes predictions about the behavior of strategic players, the theory of mechanism design goes a step further and selects the optimal rules of the game. A relatively new economic theory, mechanism design studies the instrument itself as well as the results of the instrument. An Introduction to the Theory of Mechanism Design provides rigorous but accessible explanations of classic results in the theory of mechanism design, such as Myerson's theorem on expected revenue maximizing auctions, Myerson and Satterthwaite's theorem on the impossibility of ex post efficient bilateral trade with asymmetric information, and Gibbard and Satterthwaite's theorem on the non-existence of dominant strategy voting mechanisms. B?rgers also provides an examination of the frontiers of current research in the area with an original and unified perspective that will appeal to advanced students of economics.

Author : Lisa Ann Mandle
Publisher :
ISBN 13 : 1642830038
Total Pages : 334 pages
Book Rating : 4.33/5 ( download)

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Download or read book Green Growth That Works written by Lisa Ann Mandle and published by . This book was released on 2019-09-12 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rapid economic development has been a boon to human well-being, but comes at a significant cost to the fertile soils, forests, coastal marshes, and farmland that support all life on earth. If ecosystems collapse, so eventually will human civilization. One solution is inclusive green growth--the efficient use of natural resources. Its genius lies in working with nature rather than against it. Green Growth That Works is the first practical guide to bring together pragmatic finance and policy tools that can make investment in natural capital both attractive and commonplace. Pioneered by leading scholars from the Natural Capital Project, this valuable compendium of proven techniques can guide agencies and organizations eager to make green growth work anywhere in the world.

Author : Hans W. Gottinger
Publisher : Bentham Science Publishers
ISBN 13 : 1681085461
Total Pages : 222 pages
Book Rating : 4.63/5 ( download)

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Download or read book Internet Economics: Models, Mechanisms and Management written by Hans W. Gottinger and published by Bentham Science Publishers. This book was released on 2017-08-28 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: The internet represents a rapidly evolving set of technologies which is central to the development of a modern economy. Internet Economics: Models, Mechanisms and Management integrates knowledge about internet service design with economic modelling principles (pricing, cost and service models). Chapters highlight specific applications of the internet such as service provisioning, cloud computing, commerce, business security, network externalities, social media and more recent developments such as the Internet of Things (IoT), the industrial internet, data analytics and the use of big data to bring value to commercial ventures. Therefore, readers will have a conceptual and practical framework for understanding the economics of internet infrastructure and service delivery.

Author : Jaroslav Beran
Publisher : Springer Science & Business Media
ISBN 13 : 9400751257
Total Pages : 536 pages
Book Rating : 4.55/5 ( download)

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Download or read book Advances in Mechanisms Design written by Jaroslav Beran and published by Springer Science & Business Media. This book was released on 2012-08-21 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Conference on the Theory of Machines and Mechanisms is organized every four years, under the auspices of the International Federation for the Promotion of Mechanism and Machine Science (IFToMM) and the Czech Society for Mechanics. This eleventh edition of the conference took place at the Technical University of Liberec, Czech Republic, 4-6 September 2012. This volume offers an international selection of the most important new results and developments, in 73 papers, grouped in seven different parts, representing a well-balanced overview, and spanning the general theory of machines and mechanisms, through analysis and synthesis of planar and spatial mechanisms, dynamics of machines and mechanisms, linkages and cams, computational mechanics, rotor dynamics, biomechanics, mechatronics, vibration and noise in machines, optimization of mechanisms and machines, control and monitoring systems of machines, accuracy and reliability of machines and mechanisms, robots and manipulators to the mechanisms of textile machines.

Author : Christopher B. Barrett
Publisher : University of Chicago Press
ISBN 13 : 022657430X
Total Pages : 425 pages
Book Rating : 4.01/5 ( download)

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Download or read book The Economics of Poverty Traps written by Christopher B. Barrett and published by University of Chicago Press. This book was released on 2018-12-07 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: What circumstances or behaviors turn poverty into a cycle that perpetuates across generations? The answer to this question carries especially important implications for the design and evaluation of policies and projects intended to reduce poverty. Yet a major challenge analysts and policymakers face in understanding poverty traps is the sheer number of mechanisms—not just financial, but also environmental, physical, and psychological—that may contribute to the persistence of poverty all over the world. The research in this volume explores the hypothesis that poverty is self-reinforcing because the equilibrium behaviors of the poor perpetuate low standards of living. Contributions explore the dynamic, complex processes by which households accumulate assets and increase their productivity and earnings potential, as well as the conditions under which some individuals, groups, and economies struggle to escape poverty. Investigating the full range of phenomena that combine to generate poverty traps—gleaned from behavioral, health, and resource economics as well as the sociology, psychology, and environmental literatures—chapters in this volume also present new evidence that highlights both the insights and the limits of a poverty trap lens. The framework introduced in this volume provides a robust platform for studying well-being dynamics in developing economies.