Lloyd Shapley was a pioneer in which type of economics?
Behavioral Economics
Supply Chain Economics
Market Design
Environmental Economics
Answer
Market Design, pioneered by Lloyd Shapley, focuses on creating and analyzing markets where agents have preferences over each other. This field addresses the allocation of indivisible goods, such as school seats or medical residencies, where traditional market mechanisms may fail. Shapley's contributions include the Gale-Shapley algorithm for stable matching, which ensures fairness and efficiency in matching markets.
Lloyd Shapley Challenge: 31 Questions to Test Your Mastery
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