American - Economist | December 12, 1950 -
How do we ensure in the case of public goods that they are provided at all, and that they are provided at the right level, taking into account citizens' preferences?
Eric Maskin
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The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in economics.
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Devising a mechanism is a lot like solving a puzzle - and gives you the same kind of kick.
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Leo Hurwicz is the father of mechanism design theory and has inspired much of my work, and Roger Myerson is an old friend and collaborator and a tremendous economist.
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This may not be the most serious problem in the world, but it is a familiar one: How do you divide a piece of cake equally between two children and also make sure that each of them sees it as a fair division?
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There is universal consensus among experts that the earth's atmosphere is heating up - and that we are responsible for it by putting carbon dioxide in the atmosphere. We also know that the consequences of global warming are catastrophic. But how do we make sure that all countries reduce greenhouse gases?
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