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Question 4. Mechanism design is a study of what kinds of market mechanisms the central authority (or mechanism designer) can devise in order to induce

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Question 4. 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). Please use one or two examples to illustrate how mechanism design works in real market settings? (Your answer is about 400 words.)Question 4. 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). Please use one or two examples to illustrate how mechanism design works in real market settings? (Your answer is about 400 words.)

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