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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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Going the Market One Better

Going the Market One Better

Chapter:
(p.124) 9 Going the Market One Better
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0009

Implications of the various candidate models of information led to various problems in reconciliation with the previous microeconomic model; this chapter describes how the history took an unexpected swerve toward mechanism design. We identify Leonid Hurwicz as the Cowles figure at the center of this change. Mechanism design in turn transmuted into market design, particularly at the hands of the experimentalist movement, members of which took responsibility for the first attempt to “go the market one better,” the design of airport slot auctions.

Keywords:   mechanism design, Leonid Hurwicz, market design, Charles Plott, Vernon Smith, airport slot auctions, experimental economics, Bank of Sweden Prize, information processing, decentralization

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