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About: Wilson doctrine (economics)     Permalink

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In economic theory, the Wilson doctrine (or Wilson critique) stipulates that game theory should not rely excessively on common knowledge assumptions. Most prominently, it is interpreted as a request for institutional designs to be "detail-free". That is, mechanism designers should offer solutions that do not depend on market details (such as distributions or functional forms of payoff relevant signals) because they may be unknown to practitioners or are subject to intractable change. The name is due to Nobel laureate Robert Wilson, who argued:

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