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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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The Bidder Exclusion Effect
Coey, Dominic - 2014
We introduce a simple and robust approach to answering two key questions in empirical auction analysis: discriminating between models of entry and quantifying the revenue gains from improving auction design. The approach builds on Bulow and Klemperer (1996), connecting their theoretical results...
Persistent link: https://www.econbiz.de/10012458142
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Flow Trading
Budish, Eric B.; Cramton, Peter C.; Kyle, Albert S.; … - National Bureau of Economic Research - 2023
-linear demand curves with quantities as flows (shares/second). Batch auctions clear all asset markets jointly in discrete time …
Persistent link: https://www.econbiz.de/10014250116
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Auctions Versus Negotiations in Procurement : An Empirical Analysis
Bajari, Patrick - 2003
this question, we offer a framework that compares auctions with negotiations. We then examine a comprehensive data set of … potential limitations to the use of auctions. Auctions perform poorly when projects are complex, contractual design is … incomplete and there are few available bidders. Furthermore, auctions stifle communication between buyers and the sellers …
Persistent link: https://www.econbiz.de/10012468941
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Contracting out the Last-Mile of Service Delivery : Subsidized Food Distribution in Indonesia
Banerjee, Abhijit - 2015
Outsourcing government service provision to private firms can improve efficiency and reduce rents, but there are risks … which a procurement process was introduced that allowed citizens to bid to take over the implementation of a subsidized rice … distribution program. This led 17 percent of treated locations to switch distributors. Introducing the possibility of outsourcing …
Persistent link: https://www.econbiz.de/10012456834
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Market Design
Agarwal, Nikhil; Budish, Eric B. - National Bureau of Economic Research - 2021
This Handbook chapter seeks to introduce students and researchers of industrial organization (IO) to the field of market design. We emphasize two important points of connection between the IO and market design fields: a focus on market failures--both understanding sources of market failure and...
Persistent link: https://www.econbiz.de/10012660045
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Mechanism design meets priority design : redesigning the US Army's branching process
Greenberg, Kyle; Pathak, Parag A.; Sönmez, Tayfun - National Bureau of Economic Research - 2021
Army cadets obtain occupations through a centralized process. Three objectives - increasing retention, aligning talent, and enhancing trust - have guided reforms to this process since 2006. West Point's mechanism for the Class of 2020 exacerbated challenges implementing Army policy aims. We...
Persistent link: https://www.econbiz.de/10012585395
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Who Cares More? Allocation with Diverse Preference Intensities
Ortoleva, Pietro; Safonov, Evgenii; Yariv, Leeat - National Bureau of Economic Research - 2021
Goods and services---public housing, medical appointments, schools---are often allocated to individuals who rank them similarly but differ in their preference intensities. We characterize optimal allocation rules when individual preferences are known and when they are not. Several insights...
Persistent link: https://www.econbiz.de/10012629428
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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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School Choice
Abdulkadiroğlu, Atila; Andersson, Tommy - National Bureau of Economic Research - 2022
School districts in the US and around the world are increasingly moving away from traditional neighborhood school assignment, in which pupils attend closest schools to their homes. Instead, they allow families to choose from schools within district boundaries. This creates a market with parental...
Persistent link: https://www.econbiz.de/10013172122