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Market Design: Auctions and Matching

Author

Listed:
  • Haeringer, Guillaume

    (Baruch College, City University of New York)

Abstract

This book offers an introduction to market design, providing students with a broad overview of issues related to the design and analysis of market mechanisms. It defines a market as a demand and a supply, without specifying a price system or mechanism. This allows the text to analyze a broad set of situations—including such unconventional markets as college admissions and organ donation—and forces readers to pay attention to details that might otherwise be overlooked. Students often complain that microeconomics is too abstract and disconnected from reality; the study of market design shows how theory can help solve existing, real-life problems. The book focuses on the interplay between theory and applications. To keep the text as accessible as possible, special effort has been made to minimize formal description of the models while emphasizing the intuitive, with detailed explanations and resolution of examples. Appendixes offer general reviews of elements of game theory and mechanism design that are related to the themes explored in the book, presenting the basic concepts with as many explanations and illustrations as possible. The book covers topics including the basics of simple auctions; eBay auctions; Vickrey–Clarke–Groves auctions; keyword auctions, with examples from Google and Facebook; spectrum auctions; financial markets, with discussions of treasury auctions and IPOs; trading on the stock market; the basic matching model; medical match; assignment problems; probabilistic assignments; school choice; course allocation, with examples from Harvard and Wharton; and kidney exchange.

Suggested Citation

  • Haeringer, Guillaume, 2018. "Market Design: Auctions and Matching," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262037548, December.
    • Handle: RePEc:mtp:titles:0262037548
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    Citations

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    Cited by:

    1. Bruno Jullien & Alessandro Pavan & Marc Rysman, 2021. "Two-sided markets, pricing, and network effects," Post-Print hal-03828345, HAL.
    2. Yokote, Koji, 2021. "Consistency of the doctor-optimal equilibrium price vector in job-matching markets," Journal of Economic Theory, Elsevier, vol. 197(C).
    3. Xi, Haoning & Liu, Wei & Waller, S. Travis & Hensher, David A. & Kilby, Philip & Rey, David, 2023. "Incentive-compatible mechanisms for online resource allocation in Mobility-as-a-Service systems," Transportation Research Part B: Methodological, Elsevier, vol. 170(C), pages 119-147.
    4. Justus Haucap, 2020. "Nobelpreis für Robert Wilson und Paul Milgrom: Zwei Ökonomen, die echte Märkte schufen [Nobel Prize for Robert Wilson and Paul Milgrom: Two Economists who Created Real Markets]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 100(12), pages 969-975, December.
    5. Chao Huang, 2022. "Two-sided matching with firms' complementary preferences," Papers 2205.05599, arXiv.org, revised May 2022.
    6. Vincent Meisner, 2023. "Report-Dependent Utility and Strategy-Proofness," Management Science, INFORMS, vol. 69(5), pages 2733-2745, May.
    7. Péter Biró & Gyula Magyarkuti, 2021. "The Work of Milgrom and Wilson in the Theory and Practical Application of Auctions," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 20(1), pages 127-151.

    More about this item

    Keywords

    matching; auction; market structure; market regulation; game theory; mechanism design; medical match; Alvin Roth; allocation; eBay; keyword auction; electromagnetic spectrum; Treasury auction; IPO; English auction; Vickrey-Clarke-Groves auction; school choice; kidney exchange;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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