Hich field of economics and game theory studies how to establish procedures that will minimize the chance of inefficient votes?

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19-08-2022
Social Studies

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Hich field of economics and game theory studies how to establish procedures that will minimize the chance of inefficient votes?

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Tutorconsortium319 Tutorconsortium319 · Answer 1 · 2022-08-27T23:10:59-04:00

Mechanism design is the field of economics and game theory studies how to establish procedures that will minimize the chance of inefficient votes.

What is Mechanism design?

In the field of microeconomics known as mechanism design, researchers look at how organizations and institutions might operate within the restrictions of people's self-interest and imperfect information to produce desired social or economic outcomes.

What is the goal of mechanism design?

The objective is to identify the mechanism that, given the provided quality measure, produces the best equilibrium decision result (which is occasionally required to be unique). The strength of mechanism design comes in its generality: any technique, whether or not it is based on the market, may be assessed within a single framework.

Learn more about mechanism design: https://brainly.com/question/13261223

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