LEONID HURWICZ PDF

Maskin and Roger B. Myerson , received a share of the Nobel Prize for Economics for his formulation of mechanism design theory , a 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 Chicago , Hurwicz took a number of teaching positions before settling at the University of Minnesota in

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Maskin and Roger B. Myerson , received a share of the Nobel Prize for Economics for his formulation of mechanism design theory , a 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 Chicago , Hurwicz 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.

This article was most recently revised and updated by Amy Tikkanen , Corrections Manager. Learn More in these related Britannica articles:.

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Гурвич, Леонид

Reprinted with permission from the author and Twin Cities Business magazine. Professor Hurwicz says that he is simply a product of his history. Leonid Hurwicz was born in Moscow on August 21, after the Kirensky revolution but before the October Bolshevik revolution. But I know we traveled in various imperfect ways, such as horse-drawn wagon, to arrive in Poland. In Warsaw a five-year internship was required to practice law, so he taught history while completing that. It was a time of pogroms throughout Europe. Though he and his family were not swept up in anything so frightening, Hurwicz does recall strange, random attacks.

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Leonid Hurwicz

His parents and brother fled Warsaw, only to be arrested and sent to Soviet labor camps. Hurwicz, who had graduated from Warsaw University in , at the time of Nazi invasion on Poland was in London, moved to Switzerland then to Portugal and finally in he emigrated to the United States. His family eventually joined him there. They married on July 19, [11] and later lived at a number of locations in Minneapolis. They had four children: Sarah, Michael, Ruth and Maxim. He remained an active Democrat, and attended his precinct caucus in February at the age of He died a week later in Minneapolis.

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