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October 15, 2007

Comments

Chandan

Little heard of these dudes work!

gabriel

It never crossed my mind that the mechanism design group would win but on second thought, there work is deserving. Given that this is mostly an international macro audience I am not terribly surprised if they are not well known. However, as a micro economist myself..the mechanism design work is quite elegant and insightful.

Barkley Rosser

If one is going to give it for mechanism design, they are clearly the guys.

I think the more curious question involves the role and position of Juergen Weibull on the Sveriges Riksbank Prize for Economics in Memory of Alfred Nobel Committee. He is clearly the dominant figure in the way that Assar Lindbeck was for many years, and this prize is clearly driven by him. I had heard loud scuttlebutt that Myerson and Maskin would get "the next game theory prize," and Weibull is the game theory man on the committee. I think most people were not expecting them because game theory got it two years ago. But here we see game theory getting as an application, the younger crowd on mechanism design in conjunction with Hurwicz, who did the earlier work sans game theory. In any case, I have read that the members of the committee have fixed terms. So, my question is, is this Weibull's last gasp, a gift to him by the rest of the committee before he steps aside, or is he the new Assar Lindbeck, on there forever and with great power?

Barkley Rosser

Further thought on this suggests that this is not just a matter of Weibull's power or influence, although he was certainly the one pushing this particular award. Rather, the stick he used to push it through was probably Hurwicz's age, the oldest Nobel recipient ever. After all, the intrade prediction market had two other old guys as highly probable, Gordon Tullock and William Baumol, with probably both of them under serious consideration. However, at the end of the day, both are younger than Hurwicz, if not by much.

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