Title: An Introduction to Mechanism Design
Abstract: Eric Maskin shared the 2007 Nobel Memorial Prize in Economics for his work in Mechanism Design Theory. This is the study of how, given an economic or social goal, we can design a procedure or institution (that is, a mechanism) for achieving that goal. In this lecture, Prof. Maskin gives an introduction to mechanism design using several simple examples, including how to divide a cake fairly, how to allocate spectrum licenses, and how to choose a public energy source.
Bio for Prof. Eric S. Maskin
Eric Maskin is the Adams University Professor and Professor of Economics and Mathematics at Harvard. He has made contributions to game theory, contract theory, social choice theory, political economy, and other areas of economics.
He received his A.B. and Ph.D from Harvard and was a postdoctoral fellow at Jesus College, Cambridge University. He was a faculty member at MIT from 1977-1984, Harvard from 1985-2000, and the Institute for Advanced Study from 2000-2011. He rejoined the Harvard faculty in 2012. In 2007, he was awarded the Nobel Memorial Prize in Economics (with L. Hurwicz and R. Myerson) for laying the foundations of mechanism design theory.