ECON 111 Applied Mechanism Design
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Mechanism design as per the course ECON 111 Applied Mechanism Design is a field in economics and game theory that takes an objectives-first approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationallythat a game "designer" chooses the game structure rather than inheriting one.
Mechanism design theory as per the course ECON 111 Applied Mechanism Design is an economic framework for knowing how organizations can achieve optimal outcomes when person's self-interest and incomplete information may get in the way.
The aim is to find a mechanism with an equilibrium decision outcomethat is good according to the given measure of quality. The strength of mechanism design lies in its generality: any procedure, market-based or not, can be evaluated within a unified framework
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