
Published online:
22 June 2017
Published in print:
31 August 2017
Online ISBN:
9780190270087
Print ISBN:
9780190270056
Contents
Chapter
12 The Bayes-Nash School of Design
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Pages
170–182
-
Published:June 2017
Cite
Mirowski, Philip, and Edward Nik-Khah, 'The Bayes-Nash School of Design', The Knowledge We Have Lost in Information: The History of Information in Modern Economics (New York , 2017; online edn, Oxford Academic, 22 June 2017), https://doi.org/10.1093/acprof:oso/9780190270056.003.0012, accessed 7 May 2025.
Abstract
This chapter describes the second major school of market design, that primarily associated with the Harsanyi doctrine and game theorists such as William Vickrey and Robert Wilson. In the Bayes-Nash school, they claimed to solve certain perceived problems with target auction formats, such as that of the “winner’s curse,” which this chapter explores. Unlike the other schools, they claimed to taxonomize various auction forms according to their informational properties.
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