Leonid Hurwicz Quotes

When you talk about the economic process of a society, sometimes we separate it into two stories. One is about monetary variables. But then, we very often assume the underlying arrangement, the other variable, is 'perfect competition,' which means people do whatever they are supposed to do.

 
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Leonid Hurwicz
Leonid Hurwicz
  • Born: August 21, 1917
  • Died: June 24, 2008
  • Nationality: Polish
  • Profession: Economist

Leonid "Leo" Hurwicz was a Polish-American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences (with Eric Maskin and Roger Myerson) for his seminal work on mechanism design. Hurwicz was the oldest economist to have become a Nobel Laureate, having received the prize at the age of 90.

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