The theory of implementation of socially optimal decisions in economics

Since the early 1970s, following the pioneering work of Leo Hurwicz, economists have been studying the relationship between socially optimal goals and private self-interest. The task was to reconcile the Utopian and Hobbesian traditions, using game theory to find ways to organize the society that are both socially optimal and incentive-compatible.

The book provides a succinct and up-to-date account of this vast literature and will be welcomed by students, lecturers and anyone wishing to update their knowledge of the field.