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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EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.