Leonid Hurwicz

Explore the timeline of Leonid Hurwicz, a groundbreaking economist and mathematician known for his pioneering work in mechanism design theory. Discover key events and contributions in Hurwicz's life that shaped modern economic theory and earned him a Nobel Prize.

Born: August 21, 1917
Economist

21 augustus 1917

1 juni 1938

20 januari 1944

1 december 1945

1 september 1951

1 juni 1972

1 januari 2006

15 oktober 2007

10 december 2007

24 juni 2008

21augustus
1917
21 August 1917

Birth of Leonid Hurwicz

Leonid Hurwicz was born on August 21, 1917, in Moscow, Russia. During his formative years, his family moved to Poland where he was raised. His parents were of Polish-Jewish descent, and he grew up in an intellectually stimulating environment which laid the foundation for his future work.

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01juni
1938
01 June 1938

Graduation from the University of Warsaw

Leonid Hurwicz graduated from the University of Warsaw in 1938 with a law degree. His early academic career was marked by an interest in economics and mathematics, areas in which he would later make significant contributions. Despite the challenging political situation in Europe, he pursued his studies with enthusiasm.

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20januari
1944
20 January 1944

Appointment at the University of Chicago

In 1944, Leonid Hurwicz was recruited by the University of Chicago, where he joined the Cowles Commission for Research in Economics. His work at the University of Chicago marked a significant period in his career as he collaborated with other notable economists and began developing his foundational ideas in mechanism design.

01december
1945
01 December 1945

Teaching at Iowa State College

In December 1945, Leonid Hurwicz began teaching at Iowa State College. His tenure at Iowa State was a period of academic growth where he further developed his ideas on mathematical economics and explored the intersection between mathematics and economic theory, laying the groundwork for his later pioneering contributions to mechanism design theory.

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01september
1951
01 September 1951

Joining the University of Minnesota

Leonid Hurwicz joined the University of Minnesota in September 1951 as a member of the faculty. His work at Minnesota was highly influential, as he immersed himself in research that led to seminal developments in the field of economics. Minnesota became his academic home for the remainder of his career, where he mentored many students and expanded his research on mechanism design.

01juni
1972
01 June 1972

Introduction of Incentive Compatibility

1972 was a landmark year for Leonid Hurwicz as he introduced the concept of incentive compatibility at the International Economic Association conference in Warsaw. Incentive compatibility is a key concept in mechanism design, ensuring that participants are motivated to act according to their true preferences. This concept has since become integral to understanding how economic mechanisms can be designed to achieve specific objectives.

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01januari
2006
01 January 2006

Research on Mechanism Design

By 2006, Leonid Hurwicz's research with colleagues Eric Maskin and Roger Myerson had culminated in a comprehensive framework for understanding mechanism design. Hurwicz's work distinguished between implemented and non-implemented solutions, offering deep insights into how economic policies and allocations can be efficiently managed. Mechanism design took on new levels of relevance in social policy and organizational structuring.

15oktober
2007
15 October 2007

Nobel Memorial Prize in Economic Sciences

On October 15, 2007, Leonid Hurwicz was awarded the Nobel Memorial Prize in Economic Sciences along with Eric Maskin and Roger Myerson for having laid the foundations of mechanism design theory. At the age of 90, Hurwicz thus became the oldest-ever recipient of a Nobel Prize. Mechanism design theory deals with achieving desirable outcomes in strategic situations, where individual players may act based on their own self-interests.

10december
2007
10 December 2007

Nobel Prize Award Ceremony

Leonid Hurwicz participated in the Nobel Prize Award Ceremony held on December 10, 2007, in Stockholm, Sweden. Although in frail health, he attended the ceremony where he was honored for his pioneering development of mechanism design theory, which has become a fundamental part of economic theory and a cornerstone of many practical applications, including auctions and market designs.

24juni
2008
24 June 2008

Death of Leonid Hurwicz

Leonid Hurwicz passed away on June 24, 2008, at the age of 90 in Minneapolis, Minnesota. His death marked the end of a distinguished career that spanned several decades, during which he made groundbreaking contributions to economics, particularly in the field of mechanism design. Despite his passing, his work continues to influence economists worldwide.

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