The Handbook of Market Design

Awards:   Winner of Alvin E. Roth was awarded the Nobel Prize in Economics 2012.
Author:   Nir Vulkan (, Associate Professor of Economics, Saïd Business School, University of Oxford) ,  Alvin E. Roth (, Professor of Economics, Stanford University and Nobel Laureate in Economics 2012) ,  Zvika Neeman (, Associate Professor, Berglas School of Economics, Tel Aviv University)
Publisher:   Oxford University Press
ISBN:  

9780199570515


Pages:   720
Publication Date:   29 August 2013
Format:   Hardback
Availability:   To order   Availability explained
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The Handbook of Market Design


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Awards

  • Winner of Alvin E. Roth was awarded the Nobel Prize in Economics 2012.

Overview

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; instead, it combines insights from economic and game theory together with common sense and lessons learned from empirical work and experimental analysis to aid in the design and implementation of actual markets In recent years the field has grown dramatically, partially because of the successful wave of spectrum auctions in the US and in Europe, which have been designed by a number of prominent economists, and partially because of the increase use of the Internet as the platform over which markets are designed and run There is now a large number of applications and a growing theoretical literature. The Handbook of Market Design brings together the latest research from leading experts to provide a comprehensive description of applied market design over the last two decades In particular, it surveys matching markets: environments where there is a need to match large two-sided populations to one another, such as medical residents and hospitals, law clerks and judges, or patients and kidney donors It also examines a number of applications related to electronic markets, e-commerce, and the effect of the Internet on competition between exchanges

Full Product Details

Author:   Nir Vulkan (, Associate Professor of Economics, Saïd Business School, University of Oxford) ,  Alvin E. Roth (, Professor of Economics, Stanford University and Nobel Laureate in Economics 2012) ,  Zvika Neeman (, Associate Professor, Berglas School of Economics, Tel Aviv University)
Publisher:   Oxford University Press
Imprint:   Oxford University Press
Dimensions:   Width: 18.00cm , Height: 4.40cm , Length: 25.30cm
Weight:   1.390kg
ISBN:  

9780199570515


ISBN 10:   0199570515
Pages:   720
Publication Date:   29 August 2013
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   To order   Availability explained
Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us.

Table of Contents

Alvin E. Roth, Nir Vulkan, and Zvika Neeman: Introduction Part I: General Principles 1: Alvin E. Roth: What Have We Learned From Market Design? 2: Gary Bolton: Not Up To Standard: Stress Testing Market Designs for Misbehavior 3: Paul Klemperer: Using and Abusing Auction Theory Part II: Cases Section II.A: Matching Markets 4: Tayfun Sönmez and Utku Unver: Market Design for Kidney Exchange 5: Atila Abdulkadiroglu: School Choice 6: Aytek Erdil and Haluk Ergin: Improving Efficiency in School Choice 7: Sarbartha Bandyopadhyay, Fedor Iskhakov, Terence Johnson, Soohyung Lee, David McArthur, John Rust, Joel Watson, and John Watson: Can the Job Market for Economists be Improved? 8: Joshua Gans and Scott Stern: Designing Markets for Ideas 9: Ashok Rai and Tomas Sjöström: Redesigning Microcredit 10: Benjamin Edelman: The Design of Online Advertising Markets Section II.B: Auctions 11: Paul Klemperer: The Product-Mix Auction: a New Auction Design for Differentiated Goods 12: Paul Milgrom and Robert W. Day: Optimal Incentives in Core-Selecting Auctions 13: Peter Cramton, Samuel Dinkin, and Robert Wilson: Auctioning Rough Diamonds: A Competitive Sales Process for BHP Billiton's Ekati Diamonds Section II.C: E Commerce 14: Axel Ockenfels and Alvin E. Roth: Ending Rules in Internet Auctions: Design and Behavior 15: Andrew Byde and Nir Vulkan: Designing Markets for Mixed Use of Humans and Automated Agents 16: Tuomas Sandholm: Very-Large-Scale Generalized Combinatorial Multi-Attribute Auctions: Lessons from Conducting $60 Billion of Sourcing 17: Nir Vulkan and Chris Priest: Designing Automated Markets for Communication Bandwith Section II.D: Law Design 18: Zvika Neeman and Alon Klement: A Mechanism Design Approach to Legal Problems 19: Aviad Heifetz, Ella Segev, and Eric Talley: Legislation with Endogenous Preferences Part III: Experiments 20: Lawrence M. Ausubel, Peter Cramton, Emel Filiz-Ozbay, Nathaniel Higgins, Erkut Ozbay, and Andrew Stocking: Common-Value Auctions with Liquidity Needs: An Experimental Test of a Troubled Assets Reverse Auction 21: Uri Gneezy and Martin Dufwenberg: Information Disclosure in Auctions: An Experiment 22: Elena Katok: Buyer Determined Procurement Auctions Experiments 23: Uri Gneezy and Ernan Haruvey: The Inefficiency of Splitting the Bill Part IV: Competing Designs 24: Michael Peters: Competing Mechanisms 25: Zvika Neeman and Nir Vulkan: Three Case Studies of Competing Designs in Financial Markets

Reviews

This handbook provides an insightful set of articles on the impact of economics and game theory on the development of structures to solve market design problems. Bringing together the latest research in this growing field, the editors provide a detailed overview on how market mechanisms can be used to solve problems of matching and exchange. By describing unique market designs not looked at by financial professionals, it offers a different perspective on solutions to exchange-trading problems. For any reader seeking a broader vision of how markets could operate, this is a compelling work. The breadth of innovative research on market designs should open the reader's imagination to the vast possibilities in this exciting subject area. -- CFA Institute


Author Information

Alvin E. Roth was awarded the Nobel Prize in Economics 2012 for his work on market design. He received his B.S. from Columbia University in 1971 and Ph.D. from Stanford University in 1974. He taught at the University of Illinois from 1974-82, at the University of Pittsburgh from 1982-98, at Harvard University from 1998-2012, and he now teaches at Stanford. Nir Vulkan is an Economics Professor at the Said Business School and a Fellow of Worcester College, Oxford University. He has written many articles on market design and is author of 'The Economics of E- Commerce' (Princeton University Press, 2003). He has worked with many software and e-commerce companies designing markets mainly on the Internet, which are used by humans and software agents. His algorithms for automated trading have been used by hedge funds to trade futures in markets all over the world. Zvika Neeman is a microeconomic and game theorist who specializes in mechanism design. He teaches at the Berglas School of Economics at Tel Aviv University. Prior to that, he held positions at Boston University and at the Hebrew University of Jerusalem.

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