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What Have We Learned from Market Design?

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Author Info
AlvinE. Roth

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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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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0297.2007.02121.x
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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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ecj:econjl:v:118:y:2008:i:527:p:285-310

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  1. Luis C. Corchon, 2007. "The theory of implementation : what did we learn?," Economics Working Papers we081207, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  2. 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!]
  3. Atila Abdulkadiroglu & Parag A. Pathak & Alvin E. Roth, 2009. "Strategy-proofness versus Efficiency in Matching with Indifferences: Redesigning the New York City High School Match," NBER Working Papers 14864, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Muriel Niederle & Alvin E. Roth, 2009. "The Effects of a Centralized Clearinghouse on Job Placement, Wages, and Hiring Practices," NBER Chapters, in: Studies of Labor Market Intermediation, pages 235-271 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  5. Pascal Courty & Gerald R. Marschke, 2008. "On the Sorting of Physicians across Medical Occupations," NBER Working Papers 14502, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Gary E. Bolton & Ben Greiner & Axel Ockenfels, 2009. "Engineering Trust - Reciprocity in the Production of Reputation Information," Discussion Papers 2009-02, School of Economics, The University of New South Wales. [Downloadable!]
    Other versions:
  7. Muriel Niederle & Leeat Yariv, 2009. "Decentralized Matching with Aligned Preferences," NBER Working Papers 14840, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Guillaume Haeringer & Caterina Calsamiglia & Flip Klijn, 2009. "Constrained School Choice: An Experimental Study," Working Papers 2009.29, Fondazione Eni Enrico Mattei. [Downloadable!]
    Other versions:
  9. 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!]
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