What Have We Learned from Market Design?

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What Have We Learned from Market Design?

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AlvinE. Roth

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Alvin E. Roth

Abstract

This article 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 to attract a large enough proportion of the potential participants in the market; they have to overcome the "congestion" that thickness can bring, by making it possible to consider enough alternative transactions to arrive at good ones; and they need to make it "safe" and sufficiently simple to participate in the market, as opposed to transacting outside of the market, or having to engage in costly and risky strategic behaviour. I will draw on recent examples of market design ranging from labour markets for doctors and new economists, to kidney exchange, and school choice in New York City and Boston. Copyright © 2008 The Author(s).

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 118 (2008)
Issue (Month): 527 (03)
Pages: 285-310
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Handle: RePEc:ecj:econjl:v:118:y:2008:i:527:p:285-310

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Other versions of this item:

Article
- Alvin E. Roth, 2008. "What Have We Learned from Market Design?," Innovations: Technology, Governance, Globalization, MIT Press, vol. 3(1), pages 119-147, January. [Downloadable!] (restricted)
Paper
- Alvin E. Roth, 2007. "What Have We Learned From Market Design?," NBER Working Papers 13530, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Coluzzi, Chiara & Ginebri, Sergio & Turco, Manuel, 2008. "Measuring and Analyzing the Liquidity of the Italian Treasury Security Wholesale Secondary Market," Economics & Statistics Discussion Papers esdp08044, University of Molise, Dept. SEGeS. [Downloadable!]
Atila Abdulkadiroglu & Parag A Pathak & Alvin E Roth, 2008. "Strategy-proofness vs. Efficiency in Matching with Indifferences: Redisigning the NYC High School Match," Levine's Bibliography 122247000000002108, UCLA Department of Economics. [Downloadable!]
Muriel Niederle & Alvin E. Roth, 2007. "The Effects of a Centralized Clearinghouse on Job Placement, Wages, and Hiring Practices," NBER Working Papers 13529, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)

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This page was last updated on 2008-9-27.

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