Look for popular awards and laureates in different fields, and discover the history of the Nobel Prize. But you don’t want to choke off the incentives of individuals to earn income, that is you don’t want to stifle initiative.
[AS] – And we have a tradition of recording extremely brief telephone interviews with new Laureates, for our archives, and I wondered if you’d mind just speaking for a couple of minutes. [AS] – Thank you. But Leo is the father of the field, and I can acknowledge now that for many years I put his name forward, I nominated him, for this Prize. Eric Stark Maskin (born December 12, 1950) is an American economist and 2007 Nobel laureate recognized with Leonid Hurwicz and Roger Myerson "for having laid the foundations of mechanism design theory". [AS] – And I imagine it’s a special delight to you to be awarded the Prize together with Leonid Hurwicz?
And it remains a field which is extremely active. Well, you’ve been awarded the Prize, together with Leonid Hurwicz and Roger Myerson, for laying the foundations of mechanism design theory.
So it really enabled a technological revolution. In various countries around the world, assets that had previously been in the hands of governments were sold off to the private sector in the hope that this would lead to a more efficient allocation, that these assets would be put to better use. [EM] – Well, probably the most dramatic example in recent years was the various auctions that have been used for decentralization. In fact we just spoke to him and I pointed out that he was the oldest [EM] – That’s remarkable. [AS] – This is Adam Smith, from the Nobel Foundation’s website in Stockholm. [EM] – Right, right. There was a very nice celebration, which actually Roger and I both attended in Minneapolis, last Spring, in honour of the 90th birthday. [AS] – How nice. I’ve written papers with both of them.
[EM] – Yes, well, Leo and Roger both. So auctions are a particular example of a mechanism that has been used very effectively. [AS] – And these are serious auctions, where social good matters.
That connection between economic theory and, sort of, everyday use probably isn’t seen by many people. The other two finalists were Finny Akers, who gave up a Division I lacrosse scholarship to care for his younger siblings, ages 10 and 9, after his father killed his mother and then himself, and Kavan Lake, who grew up in extreme poverty to become a 22-year U.
And these auction sales made possible the telecommunications revolution in the US. It extends into social systems, social policy. Transcript of the telephone interview with Eric S. Maskin immediately following the announcement of the 2007 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 15 October 2007. And I’m happy to say that, although Leo has been in somewhat fragile health in recent years, his mind was as sharp as ever. Interview with Eric S. Maskin “Oh, gosh yes. And the way that they were sold off was via auctions, in the hope that the auction mechanism would help promote a better application. [AS] – His wife’s comment to him, which we overheard on the telephone, was “Well, are you pleased to have lived that long?”[EM] – [Laughs]. Do you think that there’s …[EM] – Oh, gosh, yes. I mean this is a vast subject which has only begun to be explored. I mean to take an example in my country, the FCC, the Federal Communications Commission, had some auctions designed for selling off radio spectrum. [AS] – Goodness. [AS] – Now, as I understand it that’s a way of studying the design of institutions implementing collective decision-making. The baby was born in 2012.
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