The theory of implementation of socially optimal decisions in economics

The theory of implementation of socially optimal decisions in economics

by Luis C. Corchón

1996
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Since the early 1970s, following the pioneering work of Leo Hurwicz, economists have been studying the relationship between socially optimal goals and private self-interest. The task was to reconcile the Utopian and Hobbesian traditions, using game theory to find ways to organize the society that are both socially optimal and incentive-compatible. The book provides a succinct and up-to-date account of this vast literature and will be welcomed by students, lecturers and anyone wishing to update their knowledge of the field.

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