Leonid Hurwicz also known as Leonid “ Leo” Hurwicz is the proud co-winner of the Nobel Prize in Economics. The Nobel Prize has been bestowed on him on October 15th, 2007. The other co winners of the Nobel Prize are Eric S. Maskin and Roger B. Myerson. Leonid Hurwicz has won this accolade “for having laid the foundations of mechanism design theory”.
Personal life and academic excellence of Leonid Hurwicz:
Born on 21st August, 1917, Leonid Hurwicz is currently Regents' Professor of Economics Emeritus of Minnesota University.
Leonid Hurwicz has received as many as six honorary doctorates. Economist Leonid Hurwicz has conducted extensive research particularly on mathematical economics. In the year 1990, for “ his pioneering work on the theory of modern decentralized allocation mechanism”, Leonid Hurwicz received National Medal of Science in Behaviorial science and Social science.
He is presently associated as a member with:
American Academy of Arts And Science
National Academy Of Sciences
Prominent works of Leonid Hurwicz:
“The Theory of Economic Behavior”, (1945)
“ What Has Happened to the Theory of Games”
“Gradient Methods for Constrained Maxima”, (1957)
“ Stochastic Models of Economic Fluctuations”, (1944)
“Theory of the Firm and of Investment”, (1946)
“Reduction of Constrained Maxima to Saddle-Point Problems”, (1956)
This work was done along with another economist known as K.J Arrow.
Along with K. J Arrow some of the other works include the following:
“On the Stability of Competitive Equilibrium I”, (1958)
“On the Stability of Competitive Equilibrium II”, (1959).
“Studies in Linear and Non-Linear Programming”, (1958).
“Competitive Stability under Weak Gross Substitutability: the Euclidian distance approach”, (1960).
