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How Artificial Intelligence and Machine Learning Can Impact Market Design
Milgrom, Paul R. - 2018
In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers...
Persistent link: https://www.econbiz.de/10012453432
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Augmenting Markets with Mechanisms
Antill, Samuel - 2017
We compute optimal mechanism designs for each of a sequence of size-discovery sessions, at which traders submit reports of their excess inventories of an asset to a session operator, which allocates transfers of cash and the asset. The mechanism design induces truthful reports of desired trades...
Persistent link: https://www.econbiz.de/10012453567
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Stress Testing Structural Models of Unobserved Heterogeneity : Robust Inference on Optimal Nonlinear Pricing
Bodoh-Creed, Aaron L.; Hickman, Brent R.; List, John A.; … - National Bureau of Economic Research - 2023
In this paper, we provide a suite of tools for empirical market design, including optimal nonlinear pricing in intensive-margin consumer demand, as well as a broad class of related adverse-selection models. Despite significant data limitations, we are able to derive informative bounds on demand...
Persistent link: https://www.econbiz.de/10014337879
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How Well Does Bargaining Work in Consumer Markets? A Robust Bounds Approach
Larsen, Bradley J.; Freyberger, Joachim - National Bureau of Economic Research - 2021
This study provides a structural analysis of detailed, alternating-offer bargaining data from eBay, deriving bounds on buyers and sellers private value distributions using a range of assumptions on behavior. These assumptions range from very weak (assuming only that acceptance and rejection...
Persistent link: https://www.econbiz.de/10012616649
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Designing Online Marketplaces : Trust and Reputation Mechanisms
Luca, Michael - 2016
Online marketplaces have proliferated over the past decade, creating new markets where none existed. By reducing transaction costs, online marketplaces facilitate transactions that otherwise would not have occurred and enable easier entry of small sellers. One central challenge faced by...
Persistent link: https://www.econbiz.de/10012456063
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Peer-to-Peer Markets
Einav, Liran - 2015
Peer-to-peer markets such as eBay, Uber, and Airbnb allow small suppliers to compete with traditional providers of goods or services. We view the primary function of these markets as making it easy for buyers to find sellers and engage in convenient, trustworthy transactions. We discuss elements...
Persistent link: https://www.econbiz.de/10012457172
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The Economics of Internet Markets
Levin, Jonathan D. - 2011
The internet has facilitated the creation of new markets characterized by large scale, increased customization, rapid …-commerce, internet job matching and financial exchanges, and other internet platforms. I also discuss the empirical evidence on … competition and consumer behavior in internet markets and some directions for future research …
Persistent link: https://www.econbiz.de/10012461806
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E-commerce and the Market Structure of Retail Industries
Goldmanis, Maris - 2008
While a fast-growing body of research has looked at how the advent and diffusion of e-commerce has affected prices, much less work has investigated e-commerce's impact on the number and type of producers operating in an industry. This paper theoretically and empirically takes up the question of...
Persistent link: https://www.econbiz.de/10012464481
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The Ongoing Evolution of US Retail : A Format Tug-of-War
Hortaçsu, Ali - 2015
We review major changes in the economics of the US retail sector over the past 15-20 years and discuss what these portend for the future evolution of retail. The sector has been shrinking in relative size over the long term, though this stopped around the onset of the Great Recession. Retail has...
Persistent link: https://www.econbiz.de/10012457204
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Market Structure, Reputation, and the Value of Quality Certification
Elfenbein, Daniel - 2014
Quality certification programs help consumers to identify high-quality products or sellers in markets with information asymmetries. Using data from eBay UK's online marketplace, we study how certification's impact on consumer demand varies with market- and seller-level attributes, exploiting...
Persistent link: https://www.econbiz.de/10012458590