Market Design: The Policy Uses of Theory
The use of modern microeconomics in policy is illustrated by the markets for spectrum, electricity, greenhouse-gas reductions, defense procurement, and Treasury bills. Further examples are antitrust divestiture rules, market-based redistribution, fishery conservation, and privatization. The limits of the use of theory are also discussed, by reference to China's economy-wide reforms. Lessons on the policy use of theory are drawn.
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- Avinash Dixit, 2001.
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CESifo Working Paper Series
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98wpdr, University of Maryland, Department of Economics - Peter Cramton, revised 22 Jul 2002.
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