The History of Markets and the Theory of Market Design
The History of Markets and the Theory of Market Design
Curiously, early neoclassical economics was a theory of agents, not markets as such. But changes in markets in the late twentieth century began to highlight this lacuna. How information was incorporated into the theory began to suggest that economists could not just describe The Market, but could also design boutique markets for clients. We trace the resulting narrative trajectory of this epoch-making departure using an abstract Information Space graphic showing combinations of types of agent epistemology, with different types of models of information.
Keywords: constructivist, performativity, Leonid Hurwicz, Friedrich Hayek, mechanism design, market design, Bayes-Nash School, Experimentalist School, informational efficiency
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