Americans Leonid Hurwicz, Eric Maskin and Roger Myerson won the Nobel Memorial Prize in Economic Sciences on Monday for work that helps explain situations in which markets work well.The three researchers "laid the foundations of mechanism design theory," the Royal Swedish Academy of Sciences said.
"Mechanism design theory initiated by Leonid Hurwicz and further developed by Eric Maskin and Roger Myerson has greatly enhanced our understanding of optimal allocation mechanisms in such situations, accounting for individuals' incentives and private information."
Their theory allows economists, governments and businesses to "distinguish situations (that) work well from those in which they do not."
A columnist for a Philippine newspaper talks about the costs and massive preparations required by the US Secret Service whenever President Bush and other (US Presidents) travel outside of Washington DC. I remember watching a CNN report that showed how big a US presidential convoy is, compared to the two vehicle transport being used by Prime Minister Tony Blair of the UK.
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