Key words: Elinor Ostrom, behavioral economics, Asymmetric Information, Game theory
1. Management of Common Pool Resources In 2009, Indiana University political science professor, Elinor Ostrom became the first woman to win the prize. She received it "for her analysis of economic governance, especially the commons2. Behavioral Economics The 2002 prize went to psychologist Daniel Kahneman "for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty."3. Asymmetric Information. In 2001, George A. Akerlof, A. Michael Spence, and Joseph E. Stiglitz won the prize "for their analyses of markets with asymmetric information." Today, these concepts are so widespread that we take them for granted, but when they were first developed, they were groundbreaking.4. Game Theory.The academy awarded the 1994 prize to John C. Harsanyi, John F. Nash Jr., and ReinhardSelten "for their pioneering analysis of equilibria in the theory of non-cooperative games." 5. Public Choice Theory. James M. Buchanan Jr. received the prize in 1986 "for his development of the contractual and constitutional bases for the theory of economic and political decision-making."
Auction theory and inventions of new auction formats? Key words:Robert Wilson, economic games, asymmetries: If designed correctly, auctions can distribute resources fairly, according to Stanford economists Robert Wilson and Paul Milgrom. The pair were awarded the 2020 Nobel Memorial Prize in Economic Sciences for their improvements to auction theory and inventions of new auction formats. Wilson is the fourth Stanford Graduate School of Business faculty member to win the Nobel. In 2002, Wilson told the Financial Times, “Game theory does not offer any specific answers to any specific situation. It says something like, ‘These are the things to take into account.’” The school’s former Dean Michael Spence was honored in 2001 for his contributions to the analysis of markets with asymmetric information.
