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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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The History of Markets and the Theory of Market Design

The History of Markets and the Theory of Market Design

(p.144) 10 The History of Markets and the Theory of Market Design
The Knowledge We Have Lost in Information

Philip Mirowski

Edward Nik-Khah

Oxford University Press

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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