Editorial from the New TEAC Co-Editors-in-Chief

摘要

Economists have long recognized algorithmic considerations as crucial to the design of workable economic systems. To give just a few (Nobel-winning) examples: In the 1950s,Herbert Simon highlighted the importance of bounded rationality for designing organizations. In the 1960s, Leo Hurwicz formalized Hayek's idea about the "informational efficiency" of the market system, anticipating the field of communication complexity by a decade. In the 1970s, Oliver Williamson pointed to bounded rationality as the source of "transaction costs" that determine organization of economic activity. However, the main focus of economics has been on incentives, and economists have often lacked the tools to understand bounded rationality.