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The Price of Anarchy (PoA) is a concept in game theory and mechanism design that measures how the social welfare of a system degrades due to selfish behavior of its agents. It has been studied extensively in various contexts, particularly in auctions.
Auction theory is a tool used to inform the design of real-world auctions. Sellers use auction theory to raise higher revenues while allowing buyers to procure at a lower cost. The confluence of the price between the buyer and seller is an economic equilibrium. Auction theorists design rules for auctions to address issues that can lead to ...
Benny Moldovanu's research focuses on applied game theory, auction theory, mechanism design, contests and matching theory, and voting theory. [2] In his research, he has particularly often collaborated with Philippe Jehiel (Paris School of Economics). [6] According to IDEAS/RePEc, he belongs to the top 3% of economists in terms of research ...
Milgrom is an expert in game theory, specifically auction theory and pricing strategies. He is the winner of the 2020 Nobel Memorial Prize in Economic Sciences, together with Robert B. Wilson, "for improvements to auction theory and inventions of new auction formats". [2] [3] He is the co-creator of the no-trade theorem with Nancy Stokey.
Mechanism design, sometimes called implementation theory or institution design, [1] is a branch of economics, social choice, and game theory that deals with designing game forms (or mechanisms) to implement a given social choice function.
The Price of Anarchy (PoA) [1] is a concept in economics and game theory that measures how the efficiency of a system degrades due to selfish behavior of its agents. It is a general notion that can be extended to diverse systems and notions of efficiency.
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The revelation principle is a fundamental result in mechanism design, social choice theory, and game theory which shows it is always possible to design a strategy-resistant implementation of a social decision-making mechanism (such as an electoral system or market). [1] It can be seen as a kind of mirror image to Gibbard's theorem.