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" A contingent bailout policy - implicit or explicit - must be coupled with some regulation of what banks can and cannot do. For example, a ban on lending to uncreditworthy customers might well make sense. "

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" In various countries around the world, assets that had previously been in the hands of governments were sold off to the private sector in the hope that this would lead to a more efficient allocation, that these assets would be put to better use. "

Eric Maskin

Hope

Lead

Better

" Through meteorology, we know essentially how hurricanes form, even though we can't say where the next storm will arise. "

Eric Maskin

Say

Storm

" I'm not a housing market expert, and I don't want to pretend to be one. "

" The market doesn't work very well when it comes to public goods. "

" I think I have met nearly all the Laureates in Economics. Among the few I haven't met, I suppose I'd most like to meet Ronald Coase because of his legendary power to persuade his colleagues of the validity of the Coase Theorem. "

" The theory of mechanism design can be thought of as the 'engineering' side of economic theory. "

" Devising a mechanism is a lot like solving a puzzle - and gives you the same kind of kick. "

" I have a strong attachment to Harvard. "

" What we mean by an outcome will naturally depend on the context. Thus, for a government charged with delivering public goods, an outcome will consist of the quantities provided of such goods as intercity highways, national defense and security, environmental protection, and public education together with the arrangements by which they are financed. "

" This may not be the most serious problem in the world, but it is a familiar one: How do you divide a piece of cake equally between two children and also make sure that each of them sees it as a fair division? "

" I entered economics because of a course I took on 'information economics,' which I found fascinating. "

" I was born in New York City but grew up across the Hudson River in Alpine, New Jersey. "

" Specifically, in the software industry, progress is highly sequential: progress is typically made through a large number of small steps, each building on the previous ones. "

" When a bank calls in a loan, it obviously hurts the customer in question. But it also adversely affects other banks that have lent to this borrower. They are now less likely to be repaid and so can't as readily lend to their own customers. "

" Perhaps one day earthquakes, hurricanes and financial crashes will all be predictable. But we don't have to wait until then for seismology, meteorology and economics to become sciences; they already are. "

" If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment. "

Eric Maskin

Rescue

Will

" Much theoretical work, of course, focuses on existing economic institutions. The theorist wants to explain or forecast the economic or social outcomes that these institutions generate. "

" There are some things that we value as a public good that the markets can't deliver, like clean air. "

Eric Maskin

Good

Clean

" A properly designed tax system can strike a balance between helping the poor and, at the same time, giving people the incentive to work. "

" In an industry with highly sequential innovation, it may be better for society to scrap patents altogether than try to tighten them. "

" Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand. "

" Most policy makers embrace a religious-like belief that the market can and should solve every problem. "

" There is universal consensus among experts that the earth's atmosphere is heating up - and that we are responsible for it by putting carbon dioxide in the atmosphere. We also know that the consequences of global warming are catastrophic. But how do we make sure that all countries reduce greenhouse gases? "

" If I'm a bank, and I'm making risky loans, I have an incentive, if I can, to make those loans using other people's money: in other words, to make highly leveraged loans. "

" The Nobel Prize is not very important for the winners - they are usually pretty successful people already. But it is valuable as a way of drawing the public's attention to important work in economics. "

" I choose questions to work on according to how much they excite me. "

Eric Maskin

Work

Much

" How do we ensure in the case of public goods that they are provided at all, and that they are provided at the right level, taking into account citizens' preferences? "

" If budget planning requires gathering information from people who may not always have the incentive to disclose that information, then the principles of mechanism design can definitely be of use in such planning. "

" At Tenafly High, I was lucky to have some dedicated teachers; I'm especially indebted to my calculus instructor, Francis Piersa, who opened my eyes to the striking beauty of mathematics. "

" Because mechanism designers do not generally know which outcomes are optimal in advance, they have to proceed more indirectly than simply prescribing outcomes by fiat; in particular, the mechanisms designed must generate the information needed as they are executed. "