Monday, October 15, 2007

Winner on Winner

In a lecture in honor of Leonid Hurwicz in 2006, Roger Myerson reviewed Hurwicz's fundamental concept of incentive compatibility, his questions about social institutions and how these insitutions can be enforced, and how he formalized Hayek's idea that "The economic problem of society is not merely a problem of how to allocate 'given' resources...It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only these individuals know."

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