Photo: #A chart from University of Minnesota professor emeritus and 2007 Nobel Prize-winning economist Leonid Hurwicz's 1945 article "The Theory of Economic Behavior."
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A chart from University of Minnesota professor emeritus and 2007 Nobel Prize-winning economist Leonid Hurwicz's 1945 article "The Theory of Economic Behavior." (From the American Economic Review, 1945)

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What is 'mechanism design theory?'

Broadcast: Midday, 10/15/2007, 11:00 a.m.

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A retired professor from the University of Minnesota became the oldest person ever honored with a Nobel Prize Monday. Leonid Hurwicz, 90, will share this year's Nobel in economics "for having laid the foundations of mechanism design theory." What does that mean in layman's terms?

Guests

  • Louis Johnston: Professor of economics at St. John's University and the College of St. Benedict in Collegeville. Johnston studied under Leonid Hurwicz.

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