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Market Design, Human Behavior, and Management

Author

Listed:
  • Yan Chen

    (School of Information, University of Michigan, Ann Arbor, Michigan 48109; Department of Economics, School of Economics and Management, Tsinghua University, Beijing 100084, China)

  • Peter Cramton

    (Department of Economics, University of Cologne, 50923 Köln, Germany)

  • John A. List

    (Kenneth C. Griffin Department of Economics, University of Chicago, Chicago, Illinois 60637)

  • Axel Ockenfels

    (Department of Economics, University of Cologne, 50923 Köln, Germany)

Abstract

We review past research and discuss future directions on how the vibrant research areas of market design and behavioral economics have influenced and will continue to impact the science and practice of management in both the private and public sectors. Using examples from various auction markets, reputation and feedback systems in online markets, matching markets in education, and labor markets, we demonstrate that combining market design theory, behavioral insights, and experimental methods can lead to fruitful implementation of superior market designs in practice.

Suggested Citation

  • Yan Chen & Peter Cramton & John A. List & Axel Ockenfels, 2021. "Market Design, Human Behavior, and Management," Management Science, INFORMS, vol. 67(9), pages 5317-5348, September.
    • Handle: RePEc:inm:ormnsc:v:67:y:2021:i:9:p:5317-5348
    DOI: 10.1287/mnsc.2020.3659
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    2. Jürgen Neumann, 2021. "When Biased Ratings Benefit the Consumer - An Economic Analysis of Online Ratings in Markets with Variety-Seeking Consumers," Working Papers Dissertations 77, Paderborn University, Faculty of Business Administration and Economics.
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    5. Krügel, Jan Philipp & Paetzel, Fabian, 2021. "The Impact of Fake Reviews on Reputation Systems and Efficiency," VfS Annual Conference 2021 (Virtual Conference): Climate Economics 242415, Verein für Socialpolitik / German Economic Association.

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    More about this item

    Keywords

    market design; human behavior; management;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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