Media Advisory

Media Contact: Sophia N. Johnson, sj2482@columbia.edu, 212-854-1566

PER DISTINGUISHED LECTURE SERIES

WHAT: Professor Vincent P. Crawford will deliver lecture titled, ‘Efficient Mechanisms for Level-k Bilateral Trading’

WHO: Vincent P. Crawford, Drummond Professor of Political Economy, Fellow of the British Academy Convenor of Behavioral Economics Research Group, University of Oxford

WHEN: Friday, April 20, 2018, 10:30am-12:00pm

WHERE: Deutsches Haus, Columbia University

DETAILS: Professor Vincent P. Crawford revisits Roger Myerson and Mark Satterthwaite’s (1983; “MS”) analysis of mechanism design for bilateral trading, replacing equilibrium with a non-equilibrium “level-k” model that predicts initial responses to games, and focusing on direct mechanisms.  The revelation principle fails for level-k models.  However, if only level-k- incentive-compatible
mechanisms are feasible, and if traders’ levels of reasoning are observable, MS’s
characterization of incentive-efficient mechanisms generalizes, with one novel feature.  If traders’ levels are unobservable, only posted-price mechanisms are level-k- incentive-compatible and -incentive- efficient. By contrast, if non-level- k-incentive- compatible direct mechanisms are also feasible, level-k- incentive-efficient mechanisms may differ more extensively from equilibrium-incentive- efficient mechanisms.

Space is limited.  For more information, visit:  https://econ.columbia.edu/event/per-distinguished-lecture-series-vincent-p-crawford/

About the Department of Economics

The Department of Economics offers a general economics major, in addition to five interdisciplinary majors structured to suit the interests and professional goals of a heterogeneous student body.  All of the undergraduate programs have different specific requirements but share the common structure of core theoretical courses that provide the foundation for higher-level elective courses culminating in a senior seminar.  Graduate students receive training within an outstanding research environment, supported by members of faculty who are leading research in their fields.

In 2017, the Department offered 42 undergraduate courses.  A total of 4765 students were enrolled, 742 in the Department’s majors.  The M.A. program provides a technical and rigorous approach to the study of economics.  In addition, the doctoral program receives approximately 1,000 applications each year for an incoming class of roughly 25 students.  The Department has played a prominent role in the development of economic thought.  It will continue to through its faculty and students, and contribute to a better understanding of economic activities and the elaboration of policy.