An Introduction to the Theory of Mechanism Design download book

An Introduction to the Theory of Mechanism Design by Full Professor Chair of Institute for Economic Theory Roland Strausz

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Author: Full Professor Chair of Institute for Economic Theory Roland Strausz
Page Count: 264 pages
Published Date: 25 Jun 2015
Publisher: Oxford University Press Inc
Publication Country: New York, United States
Language: English
Type: PDF
ISBN: 9780199734023
Download Link: An Introduction to the Theory of Mechanism Design
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What is the best way of auctioning 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 Borgers addresses these questions and more through an exploration of the economic theory of mechanism design, also known as reverse game theory. Game theory takes the rules of the game as a given and makes predictions about the behavior of strategic players, but the theory of mechanism design goes a step further to select the optimal rules of the game. A relatively new economic theory, mechanism design studies the instrument itself rather than 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. Borgers 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.

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