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Mechanism Design (MD) is a branch of game theory which deals with
conflict situations involving a principal and a set of active
agents (usually in the presence of asymmetric information).
Mechanism design theory delivers a solution to many management
problems in the form of a control mechanism, (i.e., a formalised
routine of decision-making). Formal results of MD can change the
fundamentals of managerial practice by introducing decision-making
mechanisms in organisations, which are efficient and robust with
respect to employees' self-serving behaviour. The proposed book
seeks a more intensive application of MD methodology and its formal
results in organisations. The main aim of the book is to provide
readers with the basics of an MD-based view on managerial problems,
so that intra-firm policies can be analysed through the looking
glass of employees' behavioural response. A systematic introduction
of the underlying MD methodology is combined with a collection of
ready-to-use mechanisms for solving typical management problems.
The use of MD by individual managers is facilitated by bringing
together mathematical and business literature in a single treatise.
This book is not a purely academic monograph as it contains as few
formulas as possible, and no formal proofs (references to formal
results are provided throughout the text). Courses on MD for
managers are not common in business schools now, and our book
represents the perfect material for such a course.
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