Illustrate how mechanism design works in real market setting, Microeconomics

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Illustrate how mechanism design works in real market setting

Problem

Mechanism design is a study of what kinds of market mechanisms the central authority (or mechanism designer) can devise in order to induce players to reveal their private information (preferences or willingness to pay). Use one or two examples to illustrate how mechanism design works in real market settings?

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Microeconomics: Illustrate how mechanism design works in real market setting

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Microeconomics: Illustrate how mechanism design works in real market setting

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