ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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The Contributions of John Nash to Game Theory and Economics

The place of the economist John Nash in the pantheon of "greats" in game theory, and economics in general, is not based on the development of powerful new mathematical methods but rather on some fundamental insights. These insights have been pivotal in the development of economic theory, especially since the 1980s when faith in models with "price-taking" agents began to wane. An appreciation of the work of the Nobel laureate who died earlier this year.

The Theory of Mechanism Design: An Overview

Three US-based economists have been awarded the Nobel Prize for economics for 2007 for laying the foundations of mechanism design theory. A description and discussion of this theory, its importance and the work of the award-winning economists. Mechanism design could help policymaking in a number of areas, one potential area is in drawing up the rules for land acquisition.
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