Leo Hurwicz
Born	August 21, 1917 (age 90) Moscow, Russia
Residence	Minneapolis, Minnesota USA
Nationality	USA
Fields	Economist
Institutions	University of Minnesota
Alma mater	Warsaw University, London School of Economics
Doctoral advisor	Tjalling Koopmans, Jacob Marschak (at the Cowles Commission)
Doctoral students	Daniel McFadden
Known for	Mechanism design
Notable awards	National Medal of Science (1990) Nobel memorial Prize (2007)

Leonid "Leo" Hurwicz (born August 21, 1917) is an American economist and mathematician. Events 1192 - Minamoto Yoritomo becomes Seii Tai Shōgun and the De facto ruler of Japan. Year 1917 ( MCMXVII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common year Moscow (Москва́ romanised: Moskvá, IPA: see also other names) is the Capital and the largest city of Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending Minnesota ( Native Americans demonstrated the name to early settlers The United States of America —commonly referred to as the The United States of America —commonly referred to as the An economist is an expert in the Social science of Economics. The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system. Alma mater is Latin for "nourishing mother" It was used in Ancient Rome as a title for the mother Goddess, and in Medieval University of Warsaw (Uniwersytet Warszawski is the largest University in Poland, ranked by the Times Higher Education Supplement as the second best Polish The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the A doctorate is an Academic degree that indicates the highest level of academic achievement Tjalling Charles Koopmans ( August 28, 1910 February 26, 1985) was the joint winner with Leonid Kantorovich, of the 1975 Jacob Marschak (* 23 July 1898 Kiev, Imperial Russia, now capital of Ukraine; † 27 July 1977 Los Angeles The Cowles Commission for Research in Economics is an Economic Research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman Daniel Little McFadden (born July 29, 1937) is an econometrician who won (jointly with James Heckman) the 2000 Nobel Memorial Prize In Economics and Game theory, mechanism design is the study of designing rules of a game or system to achieve a specific outcome even though each The National Medal of Science is an honor bestowed by the President of the United States to individuals in Science and Engineering who have made important The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk Events 1192 - Minamoto Yoritomo becomes Seii Tai Shōgun and the De facto ruler of Japan. Year 1917 ( MCMXVII) was a Common year starting on Monday (link will display the full calendar of the Gregorian calendar (or a Common year The United States of America —commonly referred to as the An economist is an expert in the Social science of Economics. A mathematician is a person whose primary area of study and research is the field of Mathematics. He originated incentive compatibility and mechanism design, which show how desired outcomes are achieved in economics, social science and political science. In Mechanism design, a process is said to be incentive compatible if all of the participants fare best when they truthfully reveal any private information asked for In Economics and Game theory, mechanism design is the study of designing rules of a game or system to achieve a specific outcome even though each Economics is the social science that studies the production distribution, and consumption of goods and services. The social sciences comprise academic disciplines concerned with the study of the social life of human groups and individuals including Anthropology, Communication studies Political science is a branch of Social sciences that deals with the theory and practice of Politics and the description and analysis of Political systems Interactions of individuals and institutions, markets and trade are analyzed and understood today using the models Hurwicz developed. Sao Paulo Stock Exchangejpg|thumb| Virtual market arena where buyer and seller are not present and trade via intemediates and electronical information Trade is the willing exchange of goods, services, or both Trade is also called Commerce. ^[1]

Hurwicz is Regents’ Professor of Economics (Emeritus) at the University of Minnesota. Distinguished Professor is an Honorary title at many universities for faculty who are recognized by colleagues throughout the world as leaders in their fields Emeritus (ɨˈmɛrɨtəs is an Adjective that is used in the title of a retired Professor, Bishop or other professional The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system. He is among the first economists to recognize the value of game theory and is a pioneer in its application. Game theory is a branch of Applied mathematics that is used in the Social sciences (most notably Economics) Biology, Engineering, ^[2][3] Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences with Eric Maskin and Roger Myerson for their work on mechanism design. The Nobel Memorial Prize in Economic Sciences, officially named The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges riksbanks pris i ekonomisk Eric Stark Maskin (born December 12, 1950) is a American Economist and Nobel laureate recognized with Leonid Hurwicz Roger Bruce Myerson (born March 29 1951) is an American Economist and Nobel laureate recognised with Leonid Hurwicz ^[4]

Personal life

Hurwicz was born in Moscow, Russia to a Jewish family a few months before the October Revolution. Moscow (Москва́ romanised: Moskvá, IPA: see also other names) is the Capital and the largest city of Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending PLEASE TAKE NOTE************ The October Revolution (Октябрьская революция Oktyabrskaya revolyutsiya) also known as the Soviet Revolution The family was Polish and had lived in Congress Kingdom (the part of Poland then within the Russian Empire) but had been displaced by World War I. Congress Poland Kongresówka, officially and formally Kingdom of Poland (Królestwo Polskie {{IPA-pl|'|p|o|l|s|kʲ|e}} Царство Польское Tsarstvo Polskoye Poland (Polska officially the Republic of Poland The Russian Empire ( Pre-reform Russian: Pоссійская Имперія Modern Russian: Российская Империя translit: Rossiyskaya World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All Soon after Leonid's birth, the family returned to Warsaw, Poland. Warsaw (Warszawa; also known by other names) is the Capital and Largest city of Poland. Poland (Polska officially the Republic of Poland ^[5] Hurwicz and his family experienced persecution by both the Bolsheviks and Nazism, ^[6] as he again became a refugee when Hitler invaded Poland in 1939. The Bolsheviks, originally also Bolshevists ( Большевик Большевист (singular, derived from bolshe, "more" were a faction Nazism, which was a short name for National Socialism (Nationalsozialismus refers primarily to the Ideology and practices of the National Socialist German His parents and brother fled Warsaw, only to be arrested and sent to Soviet labor camps. A labor camp is a simplified detention facility where inmates are engaged in Penal labor. Hurwicz was forced to move to Switzerland, to Portugal and finally in 1940 he emigrated to the United States. Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation Portugal, officially the Portuguese Republic (República Portuguesa is a country on the Iberian Peninsula. The United States of America —commonly referred to as the His family eventually joined him there. ^[7][8]

Hurwicz hired Evelyn Jensen (born October 31, 1921), who grew up on a Wisconsin farm and was, at the time, an undergraduate in economics at the University of Chicago, as his teaching assistant during the 1940s. Events 445 BC – Ezra reads the Book of the Law to the Israelites in Jerusalem (see Nehemiah 91 NLTse Year 1921 ( MCMXXI) was a Common year starting on Saturday (link will display full 1921 calendar of the Gregorian calendar Wisconsin ( or wɪˈskɑnsɨn (French Ouisconsin) is one of the fifty United States of America, located in the north central part of the United States The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. They married in 1944^[9] and later lived on the Mississippi River parkway in Minneapolis, Minnesota. The Mississippi River is the second longest River in the United States, with a length of from its source in Lake Itasca in Minnesota to They have four children: Sarah, Michael, Ruth and Maxim. ^[7]

He has interests in linguistics, archaeology, biochemistry and music. ^[5] His activities outside the field of economics have included research in meteorology and membership in the NSF Commission on Weather Modification. The National Science Foundation (NSF is a United States Government agency that supports fundamental Research and Education in all the non-medical When Eugene McCarthy ran for president of the United States, Hurwicz served in 1968 as a McCarthy delegate from Minnesota to the Democratic Party Convention and a member of the Democratic Party Platform Committee. Eugene Joseph "Gene" McCarthy ( March 29, 1916 – December 10, 2005) was an American Politician, Poet, and a The Democratic Party is one of two major Political parties in the United States, the other being the Republican Party. He helped design the 'walking subcaucus' method of allocating delegates among competing groups, which is still used today by political parties. He remains an active Democrat; most recently attending Precinct Caucus in Feb, 2008, at age 90. The 2008 Minnesota Democratic Caucuses took place on February 5, 2008 ( Super Tuesday) ^[9]

Education and early career

Encouraged by his father to study law,^[5] in 1938 Hurwicz received his LL.M. degree from Warsaw University, where he discovered his future vocation in economics class. The Master of Laws is an advanced Academic degree, or research degree and is commonly abbreviated LL University of Warsaw (Uniwersytet Warszawski is the largest University in Poland, ranked by the Times Higher Education Supplement as the second best Polish He then studied at the London School of Economics with Nicholas Kaldor and Friedrich Hayek. The London School of Economics and Political Science, more commonly referred to as The London School of Economics or LSE, is a specialist college of the Nicholas Kaldor Baron Kaldor ( Budapest, 12 May 1908 - Papworth Everard, Cambridgeshire, 30 September 1986) was one of the foremost Friedrich August von Hayek CH ( May 8, 1899 March 23, 1992) was an Austrian British Economist ^[7] In 1939 he moved to Geneva where he studied at the Graduate Institute of International Studies^[5][10] and attended the seminar of Ludwig von Mises. Geneva (Genève is the second-most populous city in Switzerland (after Zürich) and is the most populous city of Romandy (the French -speaking The Graduate Institute of International Studies, best known as HEI, was founded in 1927 at the time of the League of Nations, as one of the first institutions in Ludwig Heinrich Edler von Mises (ˈluːtvɪç fɔn ˈmiːzəs ( September 29, 1881 – October 10, 1973) was an Austrian ^[11] After moving to the United States he continued his studies at Harvard University and the University of Chicago. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. ^[5] Hurwicz has no degree in economics. In 2007 he said, "Whatever economics I learned I learned by listening and learning. "^[12]

In 1941 Hurwicz was a research assistant to Paul Samuelson at the Massachusetts Institute of Technology and to Oskar Lange at the University of Chicago. Paul Anthony Samuelson (born May 15, 1915) is an American neoclassical Economist known for his contributions to many fields of Oskar Ryszard Lange ( July 27, 1904 in Tomaszów Mazowiecki, then Vistulan Country – October 2, 1965 in London ^[9] At Illinois Institute of Technology during the war, Hurwicz taught electronics to the U.S. Army Signal Corps. Illinois Institute of Technology (IIT is a private PhD-granting university located in the greater Chicago Illinois area with programs in Engineering, Science, ^[13] From 1942 to 1944, at the University of Chicago, he was a member of the faculty of the Institute of Meteorology and taught statistics in the Department of Economics. The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. About 1942 his advisors were Jacob Marschak and Tjalling Koopmans at the Cowles Commission for Research in Economics at the University of Chicago,^[14] now the Cowles Foundation at Yale University. Jacob Marschak (* 23 July 1898 Kiev, Imperial Russia, now capital of Ukraine; † 27 July 1977 Los Angeles Tjalling Charles Koopmans ( August 28, 1910 February 26, 1985) was the joint winner with Leonid Kantorovich, of the 1975 The Cowles Commission for Research in Economics is an Economic Research institute, founded in Colorado Springs in 1932 by Alfred Cowles, a businessman

Teaching and research

In 1961 Hurwicz became chairman of the Statistics Department at the University of Minnesota which today is located on the East Bank in Ford Hall (center left). The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system.

Hurwicz received a Guggenheim Fellowship in 1945–1946. Guggenheim Fellowships are American grants that have been awarded annually since 1925 by the John Simon Guggenheim Memorial Foundation to those "who ^[10] In 1946 he became an associate professor of economics at Iowa State College. The Iowa State University of Science and Technology, more commonly known as Iowa State University (ISU is a public land-grant and space-grant university ^[9] From January 1942 until June 1946, he was a research associate for the Cowles Commission. Joining full time in October 1950 until January 1951, he was a visiting professor, assuming Koopman's classes in the Department of Economics, and led the commission's research on theory of resource allocation. ^[10] He was also a research professor of economics and mathematical statistics at the University of Illinois, a consultant to the RAND Corporation through the University of Chicago and a consultant to the U.S. Bureau of the Budget. This article is about the flagship campus For other uses and locations of University of Illinois, see University of Illinois (disambiguation The University of The RAND Corporation ( R esearch AN d D evelopment is a Nonprofit global policy Think tank first formed to offer research and analysis The Office of Management and Budget (OMB is a Cabinet -level office and is the largest office within the Executive Office of the President of the United States (EOP ^[15] Hurwicz continued to be a consultant to the Cowles Commission until about 1961. ^[16]

Hurwicz traveled the United States and Asia to teach and do research. The United States of America —commonly referred to as the

Hurwicz was recruited by Walter Heller^[6] to the University of Minnesota in 1951, where he became a professor of economics and mathematics in the School of Business Administration. Walter Wolfgang Heller (1915-1987 was born to German immigrant parents in Buffalo NY ^[10] He spent most of the rest of his career there, but it was interspersed with studies and teaching elsewhere in the United States and Asia. In 1955 and again in 1958 Hurwicz was a visiting professor, and a fellow on the second visit, at Stanford University and there in 1959 published "Optimality and Informational Efficiency in Resource Allocation Processes" on mechanism design. Leland Stanford Junior University, commonly known as Stanford University or simply Stanford, is a private Research university located in ^[9] He taught at Bangalore University in 1965 and, during the 1980s, at Tokyo University, People's University (now Renmin University of China) and the University of Indonesia. Bangalore University (BU is a Public university located in Bangalore, Karnataka State, India. The, abbreviated as, is a major Research university located in Tokyo, Japan. Renmin University of China (RUC previously known as People's University of China ( colloquially Renda ( is a national comprehensive university located in University of Indonesia (in Indonesian: Universitas Indonesia) abbreviated as UI has its roots in the oldest tertiary-level education facilities in Indonesia (then In the United States he was a visiting professor at Harvard in 1969, at the University of California, Berkeley in 1976, at Northwestern University twice in 1988 and 1989, at the University of California, Santa Barbara in 1998, the California Institute of Technology in 1999 and the University of Michigan in 2002. The University of California Berkeley (also referred to as Cal, Berkeley and UC Berkeley) is a major research university located in Berkeley The University of California Santa Barbara ( UCSB) is a selective research-oriented public university located on the Pacific Ocean in Santa Barbara County California The California Institute of Technology (commonly referred to as Caltech) is a private, Coeducational research university located in Pasadena The University of Michigan Ann Arbor ( U of M, U-M, UM or simply Michigan) is a top-ranked Coeducational public research He was a visiting Distinguished Professor at the University of Illinois in 2001. This article is about the flagship campus For other uses and locations of University of Illinois, see University of Illinois (disambiguation The University of ^[9]

Twin of Heller Hall, named for Walter Heller, Department of Economics, University of Minnesota, West Bank

Back at Minnesota, Hurwicz became chairman of the Statistics Department in 1961, Regents Professor of Economics in 1969, and Curtis L. Walter Wolfgang Heller (1915-1987 was born to German immigrant parents in Buffalo NY The University of Minnesota Twin Cities ( U of M or The U) is the oldest and largest part of the University of Minnesota system. Carlson Regents Professor of Economics in 1989. ^[9] He taught subjects ranging from theory to welfare economics, public economics, mechanisms and institutions and mathematical economics. ^[6] Although he retired from full time teaching in 1988,^[8] Hurwicz taught graduate school as professor emeritus most recently in the fall of 2006. ^[8] In 2007 his ongoing research was described by the University of Minnesota as "comparison and analysis of systems and techniques of economic organization, welfare economics, game-theoretic implementation of social choice goals, and modeling economic institutions. "^[17]

Hurwicz's interests include mathematical economics and modeling and the theory of the firm. ^[3] His published works in these fields date back to 1944. ^[18] He is internationally renowned for his pioneering research on economic theory, particularly in the areas of mechanism and institutional design and mathematical economics. In the 1950s, he worked with Kenneth Arrow on non-linear programming;^[3] in 1972 Arrow became the youngest person to receive the Nobel Economics prize. Kenneth Joseph Arrow (born August 23, 1921) is an American Economist and joint winner of the Nobel Memorial Prize in Economics ^[19] Hurwicz was the graduate advisor to Daniel McFadden,^[20] who received the prize in 2000. Daniel Little McFadden (born July 29, 1937) is an econometrician who won (jointly with James Heckman) the 2000 Nobel Memorial Prize ^[21]

Earlier economists often avoided analytic modeling of economic institutions. Hurwicz's work was instrumental in showing how economic models can provide a framework for the analysis of systems, such as capitalism and socialism, and how the incentives in such systems affect members of society. ^[22] The theory of incentive compatibility that Hurwicz developed changed the way many economists thought about outcomes, explaining why centrally planned economies may fail and how incentives for individuals make a difference in decision making. In Mechanism design, a process is said to be incentive compatible if all of the participants fare best when they truthfully reveal any private information asked for ^[20]

Hurwicz serves on the editorial board of several journals. He co-edited and contributed to two collections for Cambridge University Press: Studies in Resource Allocation Processes (1978, with Kenneth Arrow) and Social Goals and Social Organization (1987, with David Schmeidler and Hugo Sonnenschein). Cambridge University Press (known colloquially as CUP is a Publisher given a Royal Charter by Henry VIII in 1534 Kenneth Joseph Arrow (born August 23, 1921) is an American Economist and joint winner of the Nobel Memorial Prize in Economics His most recent articles were published in the journals "Economic Theory" (2003, with Thomas Marschak), "Review of Economic Design" (2001, with Stanley Reiter) and "Advances in Mathematical Economics" (2003, with Marcel K. Richter). ^[23] Hurwicz has presented the Fisher-Schultz (1963), Richard T. Ely (1972), David Kinley (1989) and Colin Clark (1997) lectures.

Awards and honors

Memberships and honorary degrees

Hurwicz was elected a fellow of the Econometric Society in 1947 and in 1969 was the society's president. The Econometric Society an International Society for the Advancement of Economic Theory in its Relation with Statistics and Mathematics was founded on December 29, 1930 Hurwicz was inducted into the American Academy of Arts and Sciences in 1965. The American Academy of Arts and Sciences (AAAS is an organization dedicated to scholarship and the advancement of learning In 1974 he was inducted into the National Academy of Sciences and in 1977 was named a Distinguished Fellow of the American Economic Association. The National Academy of Sciences (NAS is a corporation in the United States whose members serve Pro bono as "advisers to the nation on science The American Economic Association, or AEA, is the oldest and most important professional organization in the field of Economics. ^[7] Hurwicz received the National Medal of Science in 1990 in Behavorial and Social Science, presented to him by President of the United States George H. W. Bush, "for his pioneering work on the theory of modern decentralized allocation mechanisms". The National Medal of Science is an honor bestowed by the President of the United States to individuals in Science and Engineering who have made important George Herbert Walker Bush (born June 12 1924 served as the forty-first President of the United States from 1989 to 1993 ^[3][9]

He served on the United Nations Economic Commission in 1948 and the United States National Research Council in 1954. The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security The National Research Council (NRC of the USA is the working arm of the United States National Academy of Sciences and the United States National Academy of In 1964 he was a member of the National Science Foundation Commission on Weather Modification. The National Science Foundation (NSF is a United States Government agency that supports fundamental Research and Education in all the non-medical He is a member of the American Academy of Independent Scholars (1979) and a Distinguished Scholar of the California Institute of Technology (1984). The California Institute of Technology (commonly referred to as Caltech) is a private, Coeducational research university located in Pasadena ^[9]

Hurwicz has received six honorary doctorates, from Northwestern University (1980), the University of Chicago (1993), Universitat Autònoma de Barcelona (1989), Keio University (1993), Warsaw School of Economics (1994) and Universität Bielefeld (2004). The Autonomous University of Barcelona ( Universitat Autònoma de Barcelona, UAB) is a public university mostly located in Bellaterra, near the city is a university located in Minato, Tokyo, Japan. It is one of the most prestigious universities in Japan as well as the oldest university in Japan established Warsaw School of Economics (SGH is the oldest Economic University in Poland. Bielefeld University (Universität Bielefeld is a University in Bielefeld, Germany. ^[7] He is an honorary visiting professor of the Huazhong University of Science and Technology School of Economics (1984). The Huazhong University of Science and Technology ( "HUST") is a public, Coeducational Research university located in Wuhan ^[24]

Named for Hurwicz

First presented in 1950, the Hurwicz criterion is thought about to this day in the area of decision making called "under uncertainty. "^[25][26][27] Abraham Wald published decision functions that year. Abraham Wald was a mathematician born in Kolozsvár, Hungary (now Cluj, Romania) who contributed to Decision theory, Geometry Decision theory in Mathematics and Statistics is concerned with identifying the Values uncertainties and other issues relevant in a given ^[28] Hurwicz combined Wald's ideas with work done in 1812 by Pierre-Simon Laplace. ^[29] Hurwicz's criterion gives each decision a value which is "a weighted sum of its worst and best possible outcomes" represented as α and known as an index of pessimism or optimism. ^[26] Variations have been proposed ever since and some corrections came very soon from Leonard Jimmie Savage in 1954. Leonard Jimmie Savage ( 20 November 1917 – 1 November 1971) was a US Mathematician and statistician. ^[25] These four approaches — Laplace, Wald, Hurwicz and Savage — have been studied, corrected and applied for over fifty years by many different people including John Milnor, G. L. S. Shackle,^[25] Daniel Ellsberg,^[30] R. Duncan Luce and Howard Raiffa, in a field some date back to Jacob Bernoulli. George Lennox Sharman Shackle ( 14 July, 1903 - 3 March, 1992) was an English Economist. Daniel Ellsberg (born April 7 1931 is a former American military Analyst employed by the RAND Corporation who precipitated a national political controversy Robert Duncan Luce (born May 16 1925 is the Distinguished Research Professor of Cognitive Science at the University of California Irvine. Howard Raiffa (1924&ndash ˈreɪfə is the Frank P Ramsey Professor (Emeritus of Managerial Economics, a joint chair held by the Business School For other family members named Jacob see Bernoulli family. Jacob Bernoulli (also known as James or Jacques) ( Basel ^[31]

The Leonid Hurwicz Distinguished Lecture is given to the Minnesota Economic Association (as is the Heller lecture). John Ledyard (2007), Robert Lucas, Roger Myerson, Edward C. Prescott, James Quirk, Nancy Stokey and Neil Wallace are among those who have delivered the lecture since it was inaugurated in 1992. Robert Emerson Lucas Jr (born September 15, 1937, Yakima Washington) is an American Economist at the University of Chicago Roger Bruce Myerson (born March 29 1951) is an American Economist and Nobel laureate recognised with Leonid Hurwicz Edward Christian Prescott (born December 26, 1940) is an American Economist. Nancy Laura Stokey (1950 -) is the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago.

Nobel Economics Prize

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. Eric Stark Maskin (born December 12, 1950) is a American Economist and Nobel laureate recognized with Leonid Hurwicz The Institute for Advanced Study, located in Princeton New Jersey, United States is a center for theoretical research Roger Bruce Myerson (born March 29 1951) is an American Economist and Nobel laureate recognised with Leonid Hurwicz The University of Chicago is a Private university located principally in the Hyde Park neighborhood of Chicago. In Economics and Game theory, mechanism design is the study of designing rules of a game or system to achieve a specific outcome even though each "^[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. Welfare economics is a branch of Economics that uses microeconomic techniques to simultaneously determine Allocative efficiency within an economy and the ^[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. Robert H Bruininks (born February 22, 1942) is the current President of the University of Minnesota. 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]

Important works

• Hurwicz, Leonid and Reiter, Stanley (22 May 2006). Events 334 BC - The Greek army of Alexander the Great defeats Darius III of Persia in the Battle of the Granicus. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Designing Economic Mechanisms. Cambridge University Press, Frontmatter (PDF) via Cambridge University Press. ISBN 0-5218-3641-7. Retrieved on 2007-10-16. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 456 - Magister militum Ricimer defeats the Emperor Avitus at Piacenza and becomes master of the western  
• Hurwicz, Leonid (1995). "What is the Coase Theorem?," Japan and the World Economy, 7(1), pp. In Law and economics, the Coase theorem, attributed to Ronald Coase, describes the economic efficiency of an economic Allocation or outcome in 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. Game theory is a branch of Applied mathematics that is used in the Social sciences (most notably Economics) Biology, Engineering,

Notes

Further reading

• Perspectives on Leo Hurwicz (conference program and photos). University of Minnesota (econ. umn. edu) (14 April 2007). Events 43 BC - Battle of Forum Gallorum: Mark Antony, besieging Julius Caesar 's assassin Decimus Junius Brutus in Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-10-16. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 456 - Magister militum Ricimer defeats the Emperor Avitus at Piacenza and becomes master of the western
• Clement, Douglas (Fall 2006). "Intelligent Designer (cover story)" (PDF). Minnesota Economics: 6–9. Department of Economics, University of Minnesota College of Liberal Arts.  
• "Intelligent design", The Economist, The Economist Group, 18 October 2007. Events 1009 - The Church of the Holy Sepulchre, a Christian church in Jerusalem, is completely destroyed by the Fatimid Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-10-18. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 1009 - The Church of the Holy Sepulchre, a Christian church in Jerusalem, is completely destroyed by the Fatimid  
• Cho, Adrian. "The Economics Nobel: Giving Adam Smith a Helping Hand", ScienceNOW Daily News, American Association for the Advancement of Science, 15 October 2007. Events 533 - Byzantine General Belisarius makes his formal entry into Carthage, having conquered it from the Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Retrieved on 2007-10-19. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 202 BCE - The Battle of Zama results in the defeat of Carthage and Hannibal.  
• Fonseca, Gonçalo L. (author and maintainer). Major Works of Leonid Hurwicz, in Leonid Hurwicz, 1917-. History of Economic Thought Website, The New School (newschool. edu). Retrieved on 2007-10-16. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 456 - Magister militum Ricimer defeats the Emperor Avitus at Piacenza and becomes master of the western
• Tabarrok, Alex (2007-10-16). Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 456 - Magister militum Ricimer defeats the Emperor Avitus at Piacenza and becomes master of the western What is Mechanism Design? Explaining the research that won the 2007 Nobel Prize in Economics.. Reasononline news. Reason Magazine. Reason is a libertarian monthly magazine from the Reason Foundation. Retrieved on 2007-12-11. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 359 - Honoratus, the first known Prefect of the City of Constantinople, takes office