If two parties have unknown and varying values on an item, there is no efficient way for them to trade due to the Myerson-Satterthwaite theorem of this field.
A technique in this field known as "ironing" works by leveraging optimal control theory to enforce monotonicity constraints on an allocation function. A result in this field, called the revelation principle, guarantees that certain social choice functions can be implemented in an incentive-compatible manner. A general solution, known as "implementation theory", to a problem in this discipline focusing on making all equilibria optimal was introduced by Eric Maskin, who practices in this field along with Leonid Hurwicz. In this field, collective decision making constraints are given by Gibbard's theorem. If two parties have unknown and varying values on an item, there is no efficient way for them to trade due to the Myerson-Satterthwaite theorem of this field. For 10 points, identify this field, which in which an agent tries to construct a pathway to reach a desired outcome, sometimes abbreviated MD.
A technique in this field known as "ironing" works by leveraging optimal control theory to enforce monotonicity constraints on an allocation function.
mechanism design [or MD before mentioned, prompt on auction theory]