Leonid Hurwicz, Eric Maskin and Roger Myerson win Nobel Prize in Economic Sciences

The Royal Swedish Academy of Sciences in Stockholm has awarded Eric Maskin and Roger Myerson the Nobel Prize in Economic Sciences for their “mechanism design theory.” The theory allows, according to the Academy, to “distinguish situations in which markets work well from those in which they do not.” The mechanism design theory plays a major role in various economic fields as well as in political sciences.

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