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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 Bayes-Nash School of Design

The Bayes-Nash School of Design

Chapter:
(p.170) 12 The Bayes-Nash School of Design
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0012

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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