Innovation and Market Design
AbstractMarket design plays an essential role in promoting innovation. I examine emission allowance auctions, airport slot auctions, spectrum auctions, and electricity markets, and demonstrate how the market design can encourage innovation. Improved pricing information is one source of innovation. Enhancing competition is another driver of innovation seen in all of the applications. Market design fosters innovation in other ways as well by addressing other potential market failures.
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Bibliographic InfoPaper provided by University of Maryland, Department of Economics - Peter Cramton in its series Papers of Peter Cramton with number 09imd.
Length: 24 pages
Date of creation: 2009
Date of revision: 2009
Publication status: Published in Josh Lerner and Scott Stern (eds.), Innovation Policy and the Economy, Volume 9, National Bureau of Economic Research, 113-137, Chicago: University of Chicago Press, 2009
Contact details of provider:
Postal: Economics Department, University of Maryland, College Park, MD 20742-7211
Phone: (202) 318-0520
Fax: (202) 318-0520
Web page: http://www.cramton.umd.edu
Auctions; market design; innovation;
Other versions of this item:
- Peter Cramton, 2009. "Innovation and Market Design," Innovation Policy and the Economy, University of Chicago Press, vol. 9(1), pages 113 - 137.
- Peter Cramton, 2009. "Innovation and Market Design," NBER Chapters, in: Innovation Policy and the Economy, Volume 9, pages 113-137 National Bureau of Economic Research, Inc.
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
- NEP-COM-2009-05-02 (Industrial Competition)
- NEP-INO-2009-05-02 (Innovation)
- NEP-IPR-2009-05-02 (Intellectual Property Rights)
- NEP-KNM-2009-05-02 (Knowledge Management & Knowledge Economy)
- NEP-MIC-2009-05-02 (Microeconomics)
- NEP-TID-2009-05-02 (Technology & Industrial Dynamics)
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.:
- Lawrence M. Ausubel & Peter Cramton, 1995. "Demand Reduction and Inefficiency in Multi-Unit Auctions," Papers of Peter Cramton 98wpdr, University of Maryland, Department of Economics - Peter Cramton, revised 22 Jul 2002.
- Lawrence M. Ausubel & Peter Cramton & Paul Milgrom, 2004.
"The Clock-Proxy Auction: A Practical Combinatorial Auction Design,"
Papers of Peter Cramton
04mit5, University of Maryland, Department of Economics - Peter Cramton, revised 2004.
- Lawrence M. Ausubel & Peter Crampton & Paul Milgrom, 2004. "The Clock-Proxy Auction: A Practical Combinatorial Auction Design," Discussion Papers 03-034, Stanford Institute for Economic Policy Research.
- Lawrence M. Ausubel & Peter Cramton, 2004.
"Auctioning Many Divisible Goods,"
Journal of the European Economic Association,
MIT Press, vol. 2(2-3), pages 480-493, 04/05.
- Ellerman,A. Denny & Joskow,Paul L. & Schmalensee,Richard & Montero,Juan-Pablo & Bailey,Elizabeth M., 2005.
"Markets for Clean Air,"
Cambridge University Press, number 9780521023894, November.
- Peter Cramton & Andrzej Skrzypacz & Robert Wilson, 2007. "The 700 MHz Spectrum Auction: An Opportunity to Protect Competition In a Consolidating Industry," Papers of Peter Cramton 07c700mhz, University of Maryland, Department of Economics - Peter Cramton, revised 2007.
- Peter Cramton & Jesse Schwartz, 2000.
"Collusive Bidding in the FCC Spectrum Auctions,"
Econometric Society World Congress 2000 Contributed Papers
1210, Econometric Society.
- Peter Cramton & Steven Stoft, 2008.
"Forward Reliability Markets: Less Risk, Less Market Power, More Efficiency,"
Papers of Peter Cramton
08frm, University of Maryland, Department of Economics - Peter Cramton, revised 2008.
- Cramton, Peter & Stoft, Steven, 2008. "Forward reliability markets: Less risk, less market power, more efficiency," Utilities Policy, Elsevier, vol. 16(3), pages 194-201, September.
- Philippe Jehiel & Benny Moldovanu, 2000.
"Auctions with Downstream Interaction Among Buyers,"
RAND Journal of Economics,
The RAND Corporation, vol. 31(4), pages 768-791, Winter.
- Michael O. Ball & Lawrence M. Ausubel & Frank Berardino & Peter Cramton & George Donohue & Mark Hansen & Karla Hoffman, 2007. "Market-Based Alternatives for Managing Congestion at New York’s LaGuardia Airport," Papers of Peter Cramton 07mbac, University of Maryland, Department of Economics - Peter Cramton, revised 2007.
- Peter Cramton & Steven Stoft, 2007. "Colombia Firm Energy Market," Papers of Peter Cramton 07cfem, University of Maryland, Department of Economics - Peter Cramton, revised 2007.
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