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Brave New World of Market Design

Author

Listed:
  • Yeon-Koo Che

    (Columbia University)

  • Erin Cho

    (The New School for Design)

Abstract

Market Design is an emerging field that seeks to provide a practical solution for various resource allocation problems. The current article discusses several issues arising in real-world market design, innovative ideas proposed to overcome those issues, and their applications in areas such as spectrum licenses allocation, Internet sponsored-search advertising, housing allocation, public school placement, kidney exchange, course allocation, and online matchmaking.

Suggested Citation

  • Yeon-Koo Che & Erin Cho, 2011. "Brave New World of Market Design," Korean Economic Review, Korean Economic Association, vol. 27, pages 33-56.
    • Handle: RePEc:kea:keappr:ker-20110630-27-1-02
    as

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    File URL: http://keapaper.kea.ne.kr/RePEc/kea/keappr/KER-20110630-27-1-02.pdf
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    References listed on IDEAS

    as
    1. Milgrom,Paul, 2004. "Putting Auction Theory to Work," Cambridge Books, Cambridge University Press, number 9780521536721.
    2. Benjamin Edelman & Michael Ostrovsky & Michael Schwarz, 2007. "Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords," American Economic Review, American Economic Association, vol. 97(1), pages 242-259, March.
    3. Alvin E. Roth, 2002. "The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics," Econometrica, Econometric Society, vol. 70(4), pages 1341-1378, July.
    4. Yeon-Koo Che, 1993. "Design Competition through Multidimensional Auctions," RAND Journal of Economics, The RAND Corporation, vol. 24(4), pages 668-680, Winter.
    5. Che, Yeon-Koo & Hendershott, Terrence, 2008. "How to divide the possession of a football?," Economics Letters, Elsevier, vol. 99(3), pages 561-565, June.
    6. Hylland, Aanund & Zeckhauser, Richard, 1979. "The Efficient Allocation of Individuals to Positions," Journal of Political Economy, University of Chicago Press, vol. 87(2), pages 293-314, April.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Loertscher, Simon & Wasser, Cédric, 2019. "Optimal structure and dissolution of partnerships," Theoretical Economics, Econometric Society, vol. 14(3), July.

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    More about this item

    Keywords

    Market Design; Resource Allocation Problem;

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation

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