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Leonid Hurwicz(Polish pronunciation:[lɛˈɔɲitˈxurvitʂ]; August 21, 1917 – June 24, 2008) was a Polish–American economistand mathematician, known for his work in game theoryand mechanism design. [1][2]He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible ...
Hurwicz not only pondered the question, but used mathematics to create working economic models. He developed mechanism design to help businesses and other organizations arrive at solutions that combine truthfulness, individual rationality, and social welfare.
Aug 16, 2024 · Leonid Hurwicz (born Aug. 21, 1917, Moscow, Russia—died June 24, 2008, Minneapolis, Minn., U.S.) was a Russian-born American economist who, with Eric S. Maskin and Roger B. Myerson, received a share of the 2007 Nobel Prize for Economics for his formulation of mechanism design theory, a microeconomic model of resource allocation that attempts ...
Jun 24, 2008 · Leonid Hurwicz. The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007. Born: 21 August 1917, Moscow, Russia. Died: 24 June 2008, Minneapolis, MN, USA. Affiliation at the time of the award: University of Minnesota, Minneapolis, MN, USA.
Leonid “Leo” Hurwicz received the Nobel Memorial Prize in Economic Sciences in 2007 “for having laid the foundations of mechanism design theory“.
The Hurwicz Criterion, presented in a paper in 1951, is probably the earliest novel contribution to the field of economics for which Leo has been recognized. It provides a formula for balancing pessimism and optimism in decision-making under uncertainty – that is, when future conditions are to some extent unknown.
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He became the oldest economist to be named a Nobel Laureate in 2007, at the age of 90, for his work in welfare economics and mechanism design. Leonid Hurwicz would die less than a year later, on June 24, 2008.
