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Mechanism design - Definition and Overview |
| Related Words: Action, Agency, Agent, Animalism, Apparatus, Appliance, Arrangement, Art, Atomism, Behaviorism, Clockworks, Convenience, Craft, Creature, Device, Drive |
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Mechanism design is a sub-field of game theory. It is the art of designing rules of a game to achieve a specific outcome. This is done by setting up a structure in which each player has an incentive to behave as the designer intends.
One field of mechanism design is the creation of markets such as auctions.
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