The Walrasian School of Design
The Walrasian School of Design
This chapter describes the first of three chronological schools of market design, in this chapter the Walrasian School. The primary examples come from work by Leonid Hurwicz and Stanley Reiter. The starting point for this approach was the thing-like version of information characteristic of Shannon. We discuss the design task dictated by this approach, as well as the reasons for the eventual failure of this school of design.
Keywords: Leonid Hurwicz, Stanley Reiter, information economists, market socialists, Hayek equilibrium, tâtonnement process
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