-----Original Message-----
From: Devine, James [mailto:[EMAIL PROTECTED]]
Sent: 19 March 2002 20:43
To: '[EMAIL PROTECTED]'
Subject: [PEN-L:24092] RE: Re: "Nobel" Prize
>you think? As far as I know, there's no reason to think that the Nash
>equilibrium applies in reality
The success of the third-generation wireless auctions in Europe would
suggest that concepts derived from Nash's equilibrium do have some practical
use; in general, auction design is the big success story of game theory. On
the other hand, it's hardly a clean experiment; all parties to big auctions
employ economists who analyse the structure of the auction using Nash's
toolkit, and things might be very different if they didn't.
dd
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