In mechanism design, a Vickrey–Clarke–Groves (VCG) mechanism is a generic truthful mechanism for achieving a socially-optimal solution. It is a generalization of a Vickrey–Clarke–Groves auction. A VCG auction performs a specific task: dividing items among people. A VCG mechanism is more general: it can be used to select any outcome out of a set of…

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Globally, there is a widening divide in the wellbeing of people at the top of the
socioeconomic ladder and people at the bottom. Despite tremendous economic
growth, more than 75% of people in developing countries are living in societies that
are more unequal today than they were in the 1990s (UNDP 2013). In Organisation
for Economic Co-operation and Development (OECD) countries, the ratio of average
disposable income in the top versus the bottom decile now stands at 9.5; up from
around 7 in the 1980s (Keeley 2015).

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Escalation of commitment is a human behavior pattern in which an individual or group facing increasingly negative outcomes from a decision, action, or investment nevertheless continue the behavior instead of altering course. The actor maintains behaviors that are irrational, but align with previous decisions and actions.[1] Source: Escalation of commitment – Wikipedia

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