China's economy faces uphill task in » Discussions


laureate of 2007 Nobel Prize in Economics

  • October 19, 2020
    On the morning of June 30, 2020, the 151st Master Distinguished Lecture,
    co-sponsored by the Graduate School, SJTU and Antai College of
    Economics & Management (ACEM), welcomed Professor Eric S. Maskin,
    Adams University Professor at Harvard University and laureate of the
    2007 Nobel Prize in Economics. He gave a wonderful online lecture
    entitled "An Introduction to Mechanism Design" to the students of
    Shanghai Jiao Tong University. To get more news about China business school, you can visit acem.sjtu.edu.cn official website.
    Dai
    Liang, Associate Professor from the Department of Economics of ACEM
    presided over this online forum. Professor Eric Maskin is an expert with
    profound attainments in the field of economic theories, such as
    mechanism design, game theory and contract theory, etc. He worked at
    MIT, Harvard University and Institute of Advanced Studies (IAS), and is a
    member of the American Academy of Arts and Sciences, the Econometric
    Society, the European Economic Association and a Corresponding Fellow of
    the British Academy. He was the Fellow of the Econometric Society in
    2003. He won the Nobel Laureate in Economics for "having laid the
    foundations of mechanism design theory" in 2007. The lecture started in a
    relaxed and pleasant atmosphere. Professor Maskin introduced some
    basics theory of the mechanism design and its differences from
    traditional microeconomics.
    By using three examples of cutting the
    cake, wireless spectrum auction and public energy selection, he
    introduced to the audience in an easy-to-understand way his research
    results which won him the Nobel Prize – the mechanism design theory,
    that is, when an economic or social objective is given, how to design a
    program or system (mechanism) to achieve the objective. He also guided
    the audience to discuss whether there is a general method to determine
    whether a given objective can be achieved and whether an implementable
    mechanism can be designed for it. At the end of the lecture, Professor
    Maskin introduced the sufficiency and necessity for the implementation
    of Nash equilibrium - Maskin's Games - which was proved in his paper
    Nash Equilibrium and Welfare Optimality in 1977.
    During the lecture,
    the students who listened to the lecture in the cloud asked questions
    enthusiastically. In the Q&A session, the host, Associate Professor
    Dai Liang, discussed with Professor Maskin on behalf of the audience
    such issues as "how the mechanism designer handles the population
    uncertainty", "roles that the mechanism design can play when the
    government faces uncertainty" and "the frontier theories and leaders in
    mechanism design". The communication between Professor Maskin and the
    young professor of Jiao Tong University enabled the students to broaden
    their horizons and inspire their divergent thinking. Several students'
    representatives from the Graduate School of the university also had the
    honor to talk to Professor Maskin and asked the professor some questions
    related to their academic research, and the professor answered them one
    by one with patience. At the end of the forum, the host expressed
    sincere gratitude to the professor for coming and his wonderful speech
    on behalf of the audience, and also expressed heartfelt thanks to the
    co-organizers of the event - Cardinal Pitch Club (CPC) and Hangzhou
    Turing Workstation.
    This lecture attracted over 3,000 audiences
    online. ACEM will continue to launch high-quality academic activities to
    nurture the minds of students and alumni of Jiao Tong University.