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Myerson shared the 2007 Nobel Memorial Prize in Economic Sciences with Leonid Hurwicz and Eric Maskin for laying the foundations of mechanism design — a framework for building institutions, from auctions to regulatory systems, that work correctly even when the people inside them have private information and self-interested motives. His extension of the revelation principle showed that even highly complex bargaining and auction settings can be reduced to simpler, incentive-compatible mechanisms, a result that now underpins much of modern auction theory.