Hayek and the Schools of Design
Hayek and the Schools of Design
This chapter reveals the political undercurrents that carried along all the schools of market design. We document how key members of all three schools admitted that their work was a reaction to the original provocations of Friedrich Hayek and the neoliberals. Much of this involves their different approaches to information. Hence, information economics is not a simple consequence of mathematical tools, as many have asserted, but, rather, the increasing importance of neoliberalism in understanding the economy.
Keywords: neoliberalism, agent knowledge, auction, market design, smart market, game theory, decentralization
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