VOA慢速英语 2007 1019a

This is the VOA Special English Economics¹ Report.

Many things perform effectively but not efficiently². To be efficient means to produce a desired effect with as little waste as possible.

How can markets be designed to make them more efficient? This is a question that the three winners of this year's Nobel Prize in economics have tried to answer. They established mechanism³ design theory.

 
Leonid Hurwicz
It began with work by Leonid Hurwicz of the University of Minnesota in nineteen sixty. Eric Maskin of the Institute for Advanced Study in Princeton, New Jersey⁴, and Roger Myerson of the University of Chicago further developed it.

The three Americans will share the award worth about one and a half million dollars. The Royal Swedish Academy of Sciences announced the winners this week.

In everyday life, there are many things that get in the way of efficient markets. There may not be true competition. Buyers and sellers may keep some information private from each other. Also, the production and use of goods may result in outcomes⁵ like pollution or social costs.

 
Eric Maskin
Mechanism design theory permits economists⁶ to identify situations where markets work well and where they do not. For example, it shows why an auction⁷ is generally the most efficient way to sell many kinds of goods.

In fact, experts say the theory explains why a version called a double auction is often the best way to trade. In a double auction, buyers and sellers both make price bids.

The Swedish academy says the theory also explains why there is often no good market solution to providing some goods, like uncrowded roads.

Mechanism design theory is part of the wider economic idea of game theory and it has many uses -- including in political science.

 
Roger Myerson
Roger Myerson even built a mathematical model for elections. He found a voting system that he says would have helped Florida avoid its problems in the two thousand presidential election.

The Nobel Prize award ceremonies will take place on December tenth. The official name of the economics award is the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. The Swedish central bank created the prize in nineteen sixty-eight.

Leo Hurwicz was born in Russia in nineteen seventeen. He developed new ways to understand markets. He began his work after World War Two. At ninety years old, he is the oldest person ever to win a Nobel Prize.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Bob Doughty⁸.

1 economics   

n.经济学，经济情况

参考例句：

• He is studying economics,which subject is very important.他正在学习经济学，该学科是很重要的。
• One can't separate politics from economics.不能把政治与经济割裂开来。

2 efficiently   

adv.高效率地，有能力地

参考例句：

• The worker oils the machine to operate it more efficiently.工人给机器上油以使机器运转更有效。
• Local authorities have to learn to allocate resources efficiently.地方政府必须学会有效地分配资源。

3 mechanism   

n.机械装置；机构，结构

参考例句：

• The bones and muscles are parts of the mechanism of the body.骨骼和肌肉是人体的组成部件。
• The mechanism of the machine is very complicated.这台机器的结构是非常复杂的。

4 jersey   

n.运动衫

参考例句：

• He wears a cotton jersey when he plays football.他穿运动衫踢足球。
• They were dressed alike in blue jersey and knickers.他们穿着一致，都是蓝色的运动衫和灯笼短裤。

5 outcomes   

结果( outcome的名词复数 )

参考例句：

• The two scenarios provide illustrations of consistent set of outcomes for range of possible policies. 这两个方案说明某一套可能采取的政策将会产生的一系列后果。
• We analyzed all the possible outcomes of your mission, Commander. 我们分析过所有可能的结果，指挥官。

6 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

7 auction   

n.拍卖；拍卖会；vt.拍卖

参考例句：

• They've put the contents of their house up for auction.他们把房子里的东西全都拿去拍卖了。
• They bought a new minibus with the proceeds from the auction.他们用拍卖得来的钱买了一辆新面包车。

8 doughty   

adj.勇猛的，坚强的

参考例句：

• Most of successful men have the characteristics of contumacy and doughty.绝大多数成功人士都有共同的特质：脾气倔强，性格刚强。
• The doughty old man battled his illness with fierce determination.坚强的老人用巨大毅力与疾病作斗争。