The art of economics lies in understanding the subtle interactions between rules and behavior.
经济学的艺术在于理解规则与行为之间的微妙互动。
Markets fail when information is asymmetric or incentives are misaligned.
当信息不对称或激励不一致时，市场就会失灵。
The challenge in auction theory is to balance simplicity with strategic sophistication.
拍卖理论的挑战在于平衡简洁性和策略复杂性。
A well-designed market minimizes the opportunities for strategic manipulation.
设计良好的市场能最大限度地减少策略操纵的机会。
Incentives matter because they guide behavior in predictable ways.
激励很重要，因为它们以可预测的方式引导行为。
The value of an auction lies not just in the revenue it generates, but in the efficiency of the allocation.
拍卖的价值不仅在于产生的收益，还在于分配的效率。
Designing markets requires both economic theory and practical intuition.
设计市场需要经济理论和实践直觉的结合。
Efficiency in markets often depends on how well information is transmitted.
市场的效率往往取决于信息传递的好坏。
Bidders in an auction are like players in a game—the rules shape their strategies.
拍卖中的竞标者就像游戏中的玩家——规则塑造他们的策略。
The best market designs are those that reduce uncertainty for participants.
最好的市场设计是那些能减少参与者不确定性的设计。