Roger-Myerson
Economists Win Nobel Prize for Work in Mechanism-Design
This news may almost be a week old but I can?t just let it go unmentioned on my blog. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (or the Nobel Prize for Economics for short) was awarded last Monday to the economists Eric Maskin, Roger Myerson and Leonid Hurwicz for their groundbreaking work in mechanism-design theory.
What does this robotic-sounding name mean and why is it important to us? It turns out that mechanism-design deals with how economies would be able to receive something they all want even when everyone acts in a self-interested manner. It is often seen as a branch of economics that observes the way institutions work in markets that are dysfunctional.
The three economists will split the prize of $1.5 million or 10 million Swedish krona among themselves.
Just a side-note (since we?re on the subject of Economics): I did pretty well on my midterm last Thursday. woohoo!
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