Arnold Kling  

Nobel Conflict?

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Russ Roberts interviews Pete Boettke on Nobel Laureate Elinor Ostrom and the Bloomington School. As you listen, note near the end of a slight dig against the 2007 Nobel Prize topic of mechanism design. Ostrom's work would suggest that trial-and-error and cultural evolution may design mechanisms for dealing with resource allocation problems as well or better than mechanisms designed by experts.


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CATEGORIES: Economic Methods



COMMENTS (2 to date)
Pedro writes:

Pete has written approvingly about mechanism design in the past. My takeaway was 1) if you're going to plan a 'market', then mechanism design theory helps account for incentive compatibility, and 2) it will still leave out a lot, and so experimentation is still necessary. Of course, then you need mech design to construct the meta-rules governing experimentation... and so on.

Ryan Vann writes:

Great chat. Mr. Boetkke is an excellent orator, and a very smart man. I didn't catch who was hosting, but he also did a great job. T

hanks for making this available.

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