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Leonid Hurwicz



In October 2007, Hurwicz shared The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel with Eric Maskin of the Institute for Advanced Study and Roger Myerson of the University of Chicago "for having laid the foundations of mechanism design theory."[32] During a telephone interview, a representative of the Nobel Foundation told Hurwicz and his wife that Hurwicz is the oldest person to win the Nobel Prize. Hurwicz said, "I hope that others who deserve it also got it." When asked which of all the applications of mechanism design he was most pleased to see he said welfare economics.[33] The winners applied game theory, a field advanced by mathematician John Forbes Nash, to discover the best and most efficient means to reach a desired outcome, taking into account individuals' knowledge and self-interest, which may be hidden or private.[34] Mechanism design has been used to model negotiations and taxation, voting and elections,[4] to design auctions such as those for communications bandwidth,[20] elections and labor talks[34] and for pricing stock options.[35]

Unable to attend the Nobel Prize ceremony in Stockholm because of his age,[36][37] Hurwicz received the prize in Minneapolis. Accompanied by Evelyn, his spouse of six decades, and his family, he was the guest of honor at a convocation held on the campus of the University of Minnesota presided over by university president Robert Bruininks. Immediately following a live broadcast of the Nobel Prize awards ceremony, Jonas Hafstrom, Swedish ambassador to the United States, personally awarded the Economics Prize to Professor Hurwicz.[38]

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Important works

  • Hurwicz, Leonid and Reiter, Stanley (22 May 2006). Designing Economic Mechanisms. Cambridge University Press, Frontmatter (PDF) via Cambridge University Press. ISBN 0-5218-3641-7. Retrieved on 2007-10-16. 
  • Hurwicz, Leonid (1995). "What is the Coase Theorem?," Japan and the World Economy, 7(1), pp. 49–74. Abstract.
  • _____ (1973). The design of mechanisms for resource allocation, Amer. Econ. Rev., 63, pp. 1–30.
  • _____ (1969). "On the Concept and Possibility of Informational Decentralization," American Economic Review, 59(2), p. 513–524.
  • _____ (1945). "The Theory of Economic Behavior" American Economic Review, 35(5), pp. 909–925. Exposition on game theory classic.

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Notes

  1. ^ Lohr, Steve. "Three Share Nobel in Economics for Work on Social Mechanisms", The New York Times, The New York Times Company, 16 October 2007. Retrieved on 2007-10-19. 
  2. ^ Kuhn, Harold (introduction) (1944, 2004, 7 August 2007). Sample Chapter for von Neumann, John & Morgenstern, Oskar. Theory of Games and Economic Behavior (Commemorative Edition). Princeton University Press. Retrieved on 2007-10-20.
  3. ^ a b c d Higgins, Charlotte. "Americans win Nobel for economics", BBC News, 15 October 2007. Retrieved on 2007-10-15. 
  4. ^ a b Ohlin, Pia. "US trio wins Nobel Economics Prize", AFP via Yahoo! News, 15 October 2007. Retrieved on 2007-10-15. 
  5. ^ a b c d e Hughes, Art. "Leonid Hurwicz — commanding intellect, humble soul, Nobel Prize winner", Minnesota Public Radio, 15 October 2007. Retrieved on 2007-10-15. 
  6. ^ a b c A house resolution honoring Professor Leo Hurwicz on his 90th birthday. Legislature of the State of Minnesota (image via University of Minnesota, umn.edu) (9 April 2007). Retrieved on 2007-10-16.
  7. ^ a b c d e Clement, Douglas (Fall 2006). "Intelligent Designer" (PDF). Minnesota Economics: 6–9. Department of Economics, University of Minnesota College of Liberal Arts. 
  8. ^ a b c Horwath, Justin. "U economics prof awarded Nobel Prize", The Minnesota Daily, 16 October 2007. Retrieved on 2007-10-16. 
  9. ^ a b c d e f g h i Perspectives on Leo Hurwicz, A Celebration of 90 Years (timeline) (PDF). University of Minnesota (econ.umn.edu) (14 April 2007). Retrieved on 2007-10-16.
  10. ^ a b c d Five-Year Report, 1942–46, XII. Biographical and Bibliographic Notes. Cowles Foundation, Yale University (1942-1946). Retrieved on 2007-10-16.
  11. ^ Ransom, Greg (15 October 2007). Hurwicz Took Part in the Mises Seminar. Mises.org Weblog, Ludwig von Mises Institute. Retrieved on 2007-10-16.
  12. ^ Chiacu, Doina (Reuters). "Russian-born U.S. economist oldest-ever Nobel winner", Reuters Group, 15 October 2007. Retrieved on 2007-10-15. 
  13. ^ Report for 1942. Cowles Foundation, Yale University (1942). Retrieved on 2007-10-16.
  14. ^ Simon, Herbert A. [1997] (28 September 1998). An Empirically-Based Microeconomics (Raffaele Mattioli Lectures). Cambridge University Press, 193. ISBN 0-5216-2412-6. 
  15. ^ Report for 1950–1951. Cowles Foundation, Yale University (1951). Retrieved on 2007-10-16.
  16. ^ Cowles Foundation for Research in Economics: Staff Lists, 1955-Present. Yale University. Retrieved on 2007-10-20.
  17. ^ Regents of the University of Minnesota. "University of Minnesota Professor Leonid Hurwicz wins Nobel Prize in economics". Press release. Retrieved on 2007-10-15.
  18. ^ Major Works of Leonid Hurwicz. The history of Economic Thought. cepa.newschool.edu. Retrieved on 2007-10-15.
  19. ^ Nobel Laureates. Frequently Asked Questions. Nobelprize.org (2007). Retrieved on 2007-10-16.
  20. ^ a b c Morrison, Deanne. "University professor wins Nobel Prize", UMN News, Regents of the University of Minnesota, 15 October 2007. Retrieved on 2007-10-15. 
  21. ^ All Laureates in Economics. Nobelprize.org (2007). Retrieved on 2007-10-16.
  22. ^ Myerson, Roger B. (2007-02-28), Fundamental Theory of Institutions: A Lecture in Honor of Leo Hurwicz, University of Chicago, pp. 2, <http://home.uchicago.edu/~rmyerson/research/hurwicz.pdf>. Retrieved on 15 October 2007 . Hurwicz Lecture originally presented at the North American meetings of the Econometric Society, at the University of Minnesota on 2006-06-22.
  23. ^ Hurwicz, Leonid and Reiter, Stanley (22 May 2006). Designing Economic Mechanisms. Cambridge University Press, Frontmatter (PDF) via Cambridge University Press. ISBN 0-5218-3641-7. Retrieved on 2007-10-16. 
  24. ^ Academic Exchange with Foreign Institutions. Huazhong University of Science and Technology School of Economics. Retrieved on 2007-10-16.
  25. ^ a b c Zappia, Carlo and Basili, Marcello (May 2005). "Shackle versus Savage: non-probabilistic alternatives to subjective probability theory in the 1950s". QUADERNI (452). Università degli Studi di Siena, Dipartimento di Economia Politica. 
  26. ^ a b Jaffray, Jean-Yves and Jeleva, Meglena (16-19 July 2007). Information Processing under Imprecise Risk with the Hurwicz criterion (PDF). International Symposium on Imprecise Probability: Theories and Applications (conference proceedings via sipta.org). Retrieved on 2007-10-19.
  27. ^ Luce, R. Duncan and Raiffa, Howard [1957 ISBN 0-4715-5341-7] (1989). Games and Decisions: Introduction and Critical Survey. Dover Publications via Amazon Reader, Look Inside, xvii +304-305 per Ellsberg p. 180. ISBN 0-4866-5943-7. 
  28. ^ Wald, Abraham (1950). Statistical Decision Functions. John Wiley & Sons. 
  29. ^ John Milnor credits Hurwicz with this idea. Straffin, Philip D. (5 September 1996). Game Theory and Strategy (New Mathematical Library). The Mathematical Association of America via Amazon Reader Search Inside, 58–59. ISBN 0-8838-5637-9. 
  30. ^ Ellsberg, Daniel (2001). Risk, Ambiguity And Decision (Studies in Philosophy). New York, N.Y.: Garland Publishing via Amazon Reader, Search Inside, xxii. ISBN 0-8153-4022-2. 
  31. ^ Kramer, Edna Ernestine (1982). The Nature and Growth of Modern Mathematics. Princeton University Press via Google Books limited preview, 290. ISBN 0-6910-2372-7. Retrieved on 2007-10-19. 
  32. ^ Nobel Foundation (15 October 2007). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007" (in English). Press release. Retrieved on 2007-10-25.
  33. ^ Leonid Hurwicz - Interviews. Nobel Foundation (nobelprize.org) (15 October 2007). Retrieved on 2007-10-25.
  34. ^ a b Tong, Vinnie (Associated Press). "U.S. Trio Wins Nobel Economics Prize", Forbes.com, Forbes, 15 October 2007. Retrieved on 2007-10-15. 
  35. ^ Bergman, Jonas and Kennedy, Simon. "Hurwicz, Maskin and Myerson Win Nobel Economics Prize", Bloomberg, 15 October 2007. Retrieved on 2007-10-15. 
  36. ^ "Russian-born Nobel Prize winner lives in nursing home", Russia Today, TV-Novosti, 19 October 2007. Retrieved on 2007-10-19. 
  37. ^ Walsh, Paul. "U professor to receive his Nobel Prize today", Minneapolis Star-Tribune, 2007-12-10. Retrieved on 2007-12-10. 
  38. ^ Art Hughes. "Minnesota's newest Nobel Laureate receives his prize", Minnesota Public Radio, 2007-12-10. Retrieved on 2007-12-10. 

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Further reading

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