Many things perform effectively but not efficiently. To be efficient means to produce and (a) designs (desired) the facts (effect) with less (as) little waste that (as) possible. How can markets be designed to make them more efficient? This is the (a) question that the free (three) winners of this year's Nobel Prize in Economics have tried to answer. They established Mechanism Design Theory.   

许多事情可以有效的执行但并非是有效率的。要有效率意味着制产生所需的作用同时尽量减少浪费。怎样设计市场使其更有效率呢？这使今年的三位诺贝尔经济学奖得主试图回答的问题。他们建立了机制设计理论。

It began with word by Leonid Hurwicz of the University of Minnesota in 1960. Eric Maskin of the Institute for Advanced Study in Princeton, New Jersey, and Roger Myerson of the University of Chicago further developed it. The three Americans will share the award worth about 1.5 million dollars. The Royal Swedish Academy of Sciences announced the winners this week.

由明尼苏达大学的Leonid Hurwicz在1960年首次提出此概念，新泽西普林斯顿大学高级研究院的Eric Maskin和芝加哥大学的Roger Myerson进一步研究了此理论。三位美国人将分享约1150万美元的奖励。上周，瑞典皇家科学院公布了获奖者。

In everyday life there are many things that get in the way of efficient markets. There may not be true competition. Buyers and sellers may keep off the (some) information private from each other. Also, the production and use of goods may result in outcomes like *pollution or social costs

每天，许多是都在妨碍有效的市场。这不是真正的竞争。买者和卖者经常各自保守信息。同时，生产和使用商品的结局可能是污染或消耗社会成本。

Mechanism design theory permits economist to identify situations, where markets work well and where they do not. For example, it shows why an *auction is generally the most efficiently way to sell many kinds of goods

机制设计理论是经济学家可以确定情形，哪里的市场运作的很好，哪里的不是。例如，它可以表明为什么销售各种商品时，拍卖通常是一种最有效的方法。

总结：

词汇：

Auction: 拍卖

听写： 耳朵坏掉了，第一段听的一塌糊涂。