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Mechanism design : a linear programming approach

By: Vohra, Rakesh V.
Material type: materialTypeLabelBookSeries: Econometric Society monographs ; 47.Publisher: New York : Cambridge University Press, 2011Description: x, 172 p. : ill. ; 24 cm.ISBN: 9780521179461.Subject(s): Decision making -- Linear programming | Organizational behavior -- Mathematical models | Machine theoryOnline resources: Cover image
Contents:
Machine generated contents note: 1. Introduction; 2. Arrow's theorem and its consequences; 3. Network flow problem; 4. Incentive compatibility; 5. Efficiency; 6. Revenue maximization; 7. Rationalizability.
Summary: "Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design"--
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Electronics and Communication Engineering 658.4033 VOH-M (Browse shelf) Available 002698
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658.15 BRE-P Principles of corporate finance 658.15 KUM-F Fundamentals of engineering economics 658.403 CHE-R Real-time systems : 658.4033 VOH-M Mechanism design : 659.1042 MAL-A Advertising and anthropology : 670.42 DUN-F Fundamentals of industrial instrumentation and process control 670.427 BRA-A Mechatronics :

Includes bibliographical references (p. 165-169) and index.

Machine generated contents note: 1. Introduction; 2. Arrow's theorem and its consequences; 3. Network flow problem; 4. Incentive compatibility; 5. Efficiency; 6. Revenue maximization; 7. Rationalizability.

"Mechanism design is an analytical framework for thinking clearly and carefully about what exactly a given institution can achieve when the information necessary to make decisions is dispersed and privately held. This analysis provides an account of the underlying mathematics of mechanism design based on linear programming. Three advantages characterize the approach. The first is simplicity: arguments based on linear programming are both elementary and transparent. The second is unity: the machinery of linear programming provides a way to unify results from disparate areas of mechanism design. The third is reach: the technique offers the ability to solve problems that appear to be beyond solutions offered by traditional methods. No claim is made that the approach advocated should supplant traditional mathematical machinery. Rather, the approach represents an addition to the tools of the economic theorist who proposes to understand economic phenomena through the lens of mechanism design"--

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