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Playing for RealGame Theory$
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Ken Binmore

Print publication date: 2007

Print ISBN-13: 9780195300574

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780195300574.001.0001

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 Taking Charge

 Taking Charge

Chapter:
(p.567) 20 Taking Charge
Source:
Playing for Real
Author(s):

Ken Binmore (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195300574.003.0020

This chapter introduces mechanism design, which is the subject wherein games are designed so that rational play results in socially desirable outcomes. The judgment of Solomon from the Bible is used as an introductory example. The principles of mechanism design are then described. The use of the revelation principle is illustrated with an extended analysis of the Street Lamp Problem. The Clarke-Groves mechanism is briefly described. Finally, a critical review of implementation theory is offered that emphasizes its differences from mechanism design and its shortcomings.

Keywords:   principal-agent problem, judgment of Solomon, moral hazard, adverse selection, revelation principle, Street Lamp Problem, Clarke-Groves mechanism, implementation theory, social decision rule, Maskin monotonicity

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