In their seminal paper Groves and Ledyard (1976) construct a balanced incentive compatible mechanism that solves the free rider problem. In subsequent research, Bergstrom, Simon, and Titus (1983) prove that there exist numerous asymmetric equilibria in addition to the symmetric equilibrium. In...

The task of designing effective economic and political institutions requires substantial foresight. The designer must anticipate not only the behavior of individual actors, but also how that behavior will aggregate. Rising complexity brought about by increases in speeds of adaptation, diversity,...