The Bayes-Nash School of Design
The Bayes-Nash School of Design
This chapter describes the second major school of market design, that primarily associated with the Harsanyi doctrine and game theorists such as William Vickrey and Robert Wilson. In the Bayes-Nash school, they claimed to solve certain perceived problems with target auction formats, such as that of the “winner’s curse,” which this chapter explores. Unlike the other schools, they claimed to taxonomize various auction forms according to their informational properties.
Keywords: Robert Wilson, William Vickrey, auction theory, Bayes-Nash equilibrium, winner’s curse, game theory, Vickrey auction, English auction, Bayesian decision theory, common knowledge
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