Leonid “Leo” Hurwicz (August 21, – June 24, ) was a Polish-American economist and mathematician. He was among the first economists to recognize. Leonid “Leo” Hurwicz (born August 21, ) is an American economist and mathematician who is known to fifty years of students as a professor and to his. Leonid Hurwicz, (born Aug. 21, , Moscow, Russia—died June 24, , Minneapolis, Minn., U.S.), Russian-born American economist who, with Eric S.
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Leonid Hurwiczborn Aug. Maskin and Roger B. Myersonreceived a share of the Nobel Prize for Economics for his formulation of mechanism design theorya microeconomic model of resource allocation that attempts to produce the best outcome for market participants under nonideal conditions.
Fearing persecution from the newly installed Soviet government, the family returned to Poland in Hurwicz earned a law degree at the University of Warsaw in After serving as a research assistant for Paul Samuelson at the Massachusetts Institute of Technology and for Oskar Lange at the University of ChicagoHurwicz took a number of teaching positions before settling at the University of Minnesota in He remained there for the rest of his career, retiring from full-time teaching in but continuing as professor emeritus.
As described by Hurwicz, mechanism design theory addresses the gap in knowledge that exists between buyers and sellers. In ideal conditions, all parties have equal information about the pricing of goods within markets.
In real world conditions, however, information asymmetry prevents buyers from knowing how much a seller should charge and limits the ability of sellers to determine how much a buyer will pay. As a result of his study of mechanism design, Hurwicz concluded that the most efficient market system for both buyers and sellers is the double auction.
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The Editors of Encyclopaedia Britannica. Learn More in these related Britannica articles: Maskin, the Nobel Prize for Economics for his work on mechanism design theory. Myerson, received a share of the Nobel Prize for Economics for his work on mechanism design theory, a specialized form of game theory that attempts to maximize gains for all parties within markets. Nobel Prizeany of the prizes five in number untilwhen a sixth was added that are awarded annually from a fund bequeathed for that purpose by the Swedish inventor and industrialist Alfred Nobel.
The Nobel Prizes are widely regarded as the most prestigious awards given for intellectual achievement….
Leonid Hurwicz, oldest Nobel winner, dies
Russia is a federal multiparty republic with a bicameral legislative body; its head of state is the president, and the head of government is the prime minister.
What is now the territory of Russia has been inhabited hjrwicz ancient times by various peoples, and as such the country has gone through…. Maskin Myerson In Roger B.
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