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The Handbook of Market Design

Nir Vulkan, Alvin E. Roth, and Zvika Neeman (eds)

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.001.0001
Subject:
Economics and Finance, Financial Economics

Economists often look at markets as given, and try to make predictions about who will do what and what will happen in these markets. Market design, by contrast, does not take markets as given; ... More


What Have We Learned from Market Design?

Alvin E. Roth

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter discusses some things we have learned about markets, in the process of designing marketplaces to fix market failures. To work well, marketplaces have to provide thickness, i.e. they need ... More


Political Embeddedness in China: Strengths and Limitations

Barbara Krug

in Capitalisms and Capitalism in the Twenty-First Century

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199694761
eISBN:
9780191741289
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199694761.003.0015
Subject:
Business and Management, Organization Studies

This chapter attempts to explain under which circumstances political embeddedness (PE) leads to the emergence of sustainable markets. The question is of more than academic interest: after all, if PE ... More


Regulating Competition in Wholesale Electricity Supply

Nancy L. Rose

in Economic Regulation and Its Reform: What Have We Learned?

Published in print:
2014
Published Online:
January 2015
ISBN:
9780226138022
eISBN:
9780226138169
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226138169.003.0005
Subject:
Economics and Finance, Economic Systems

Experience of the past twenty years suggests that potential benefits from electricity industry restructuring are small relative to those from introducing competition into other network industries. ... More


Designing Markets for Ideas

Joshua S. Gans and Scott Stern

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0009
Subject:
Economics and Finance, Financial Economics

This chapter examines design issues associated with markets for ideas. It considers how the nature of ideas themselves impacts upon the effectiveness of markets for ideas. It then looks at the impact ... More


Designing Automated Markets for Communication Bandwidth

Nir Vulkan and Chris Preist

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0018
Subject:
Economics and Finance, Financial Economics

Organisations and individuals trading in electronic markets are increasingly using automated agents. Agents are particularly useful in markets where trade might not otherwise have been possible, for ... More


Three Case Studies of Competing Designs in Financial Markets

Nir Vulkan and Zvika Neeman

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0026
Subject:
Economics and Finance, Financial Economics

In recent years most financial exchanges introduced parallel trading mechanisms: Block or over the counter trading which is largely bilateral; and limit order books where at any given point in time ... More


The “Return” to Europe: Emigrés as Cultural Translators and the Transformation of Postwar European Marketing

Jan L. Logemann

in Engineered to Sell: European Émigrés and the Making of Consumer Capitalism

Published in print:
2019
Published Online:
September 2020
ISBN:
9780226660011
eISBN:
9780226660295
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226660295.003.0013
Subject:
History, American History: 20th Century

“Americanization” in marketing did not simply entail out-right imports, but rather a careful and selective adaptation of specific elements. Such transnational corporate learning processes negotiating ... More


Competition and Educational Productivity: Incentives Writ Large

W. Bentley MacLeod and Miguel Urquiola

in Education Policy in Developing Countries

Published in print:
2013
Published Online:
May 2014
ISBN:
9780226078687
eISBN:
9780226078854
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226078854.003.0007
Subject:
Education, Educational Policy and Politics

Friedman (1962) suggested that unfettered markets generally ensure efficient provision of goods and services. Applying this logic to education, he recommended that students be provided vouchers to ... More


Lessons from the California Electricity Crisis

Frank A. Wolak

in Electricity Deregulation: Choices and Challenges

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226308562
eISBN:
9780226308586
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226308586.003.0004
Subject:
Economics and Finance, Econometrics

This chapter analyzes the possible causes of the electricity crisis in California in 2000. It argues against the belief that the crisis was caused by a combination of rising input costs, poor market ... More


Legislation with Endogenous Preferences

Aviad Heifetz, Ella Segev, and Eric Talley

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0020
Subject:
Economics and Finance, Financial Economics

It has long been recognized that individuals' preferences adapt to the social, economic and legal environment in which they take part, in addition to reacting to incentives and constraints given ... More


Very‐Large‐Scale Generalized Combinatorial Multi‐Attribute Auctions: Lessons from Conducting $60 Billion of Sourcing

Tuomas Sandholm

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0017
Subject:
Economics and Finance, Financial Economics

Sourcing is the process by which companies acquire goods and services for their operations. Drawing from personal experiences of designing and fielding over 800 sourcing auctions worth over $60 ... More


Common‐Value Auctions with Liquidity Needs: An Experimental Test of a Troubled‐Assets Reverse Auction

Lawrence M. Ausubel, Peter Cramton, Emel Filiz‐Ozbay, Nathaniel Higgins, Erkut Y. Ozbay, and Andrew Stocking

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0021
Subject:
Economics and Finance, Financial Economics

This chapter reports the results of an experimental test of alternative auction designs suitable for pricing and removing troubled assets from banks' balance sheets as part of the financial rescue ... More


How Artificial Intelligence and Machine Learning Can Impact Market Design

Paul R. Milgrom and Steven Tadelis

in The Economics of Artificial Intelligence: An Agenda

Published in print:
2019
Published Online:
January 2020
ISBN:
9780226613338
eISBN:
9780226613475
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226613475.003.0023
Subject:
Economics and Finance, Microeconomics

In complex environments, it can be difficult to understand the underlying characteristics of transactions, and it is challenging to learn enough about them so as to design the best institutions to ... More


Designing Markets for Mixed Use of Humans and Automated Agents

Andrew Byde and Nir Vulkan

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0015
Subject:
Economics and Finance, Financial Economics

This chapter describes how markets that use a combination of automated and human agents can work. It presents a system AutONA (Automated One-to-one Negotiation Agent), for conducting multiple ... More


Challenges for Market and Institutional Design when Countering Exploitation Strategies

Gigi Foster, Paul Frijters, and Ben Greiner

in Investors and Exploiters in Ecology and Economics: Principles and Applications

Published in print:
2017
Published Online:
May 2018
ISBN:
9780262036122
eISBN:
9780262339803
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262036122.003.0010
Subject:
Economics and Finance, History of Economic Thought

Cooperation within larger groups is often endangered by incentives to free ride. One goal of market and institutional design is to create environments in which socially efficient cooperation can be ... More


Redesigning Microcredit

Ashok Rai and Tomas Sjöström

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0010
Subject:
Economics and Finance, Financial Economics

Microcredit, the practice of making small uncollateralized loans to the poor, is a potential solution to credit market imperfections. This chapter examines the design of uncollateralized lending ... More


The Design of Online Advertising Markets

Benjamin Edelman

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0016
Subject:
Economics and Finance, Financial Economics

Over the last three decades, rapid progress in market design had brought the subject to an engineering-like state, where a large number of well understood mechanisms can be prescribed for a given ... More


The History of Markets and the Theory of Market Design

Philip Mirowski and Edward Nik-Khah

in The Knowledge We Have Lost in Information: The History of Information in Modern Economics

Published in print:
2017
Published Online:
June 2017
ISBN:
9780190270056
eISBN:
9780190270087
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190270056.003.0010
Subject:
Economics and Finance, History of Economic Thought

Curiously, early neoclassical economics was a theory of agents, not markets as such. But changes in markets in the late twentieth century began to highlight this lacuna. How information was ... More


Ending Rules in Internet Auctions: Design and behavior

Axel Ockenfels and Alvin E. Roth

in The Handbook of Market Design

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199570515
eISBN:
9780191765957
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199570515.003.0014
Subject:
Economics and Finance, Financial Economics

The chapter describes a new approach for selling rough diamonds through competitive auctions. The classical approach of De Beers — giving each customer a bag of stones and a take-it-or-leave-it price ... More


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