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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/10012928311
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Augmenting Markets with Mechanisms
Antill, Samuel - 2017
We explain how the common practice of size-discovery trade detracts from overall financial market efficiency. At each of a series of size-discovery sessions, traders report their desired trades, generating allocations of the asset and cash that rely on the most recent exchange price. Traders can...
Persistent link: https://www.econbiz.de/10012940800
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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/10012983416
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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/10013017065
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The Economics of Internet Markets
Levin, Jonathan - 2014
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/10013068482
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Market Structure, Reputation, and the Value of Quality Certification
Elfenbein, Daniel W. - 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/10013054867
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The Ongoing Evolution of Us Retail : A Format Tug-of-War
Hortacsu, 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/10013017493
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E-Commerce and the Market Structure of Retail Industries
Goldmanis, Maris - 2012
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/10012755123
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Learning from Seller Experiments in Online Markets
Einav, Liran - 2013
The internet has dramatically reduced the cost of varying prices, displays and information provided to consumers …
Persistent link: https://www.econbiz.de/10013092391
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Internet Rising, Prices Falling : Measuring Inflation in a World of E-Commerce
Goolsbee, Austan D. - 2018
We use Adobe Analytics data on online transactions for millions of products in many different categories from 2014 to 2017 to shed light on how online inflation compares to overall inflation, and to gauge the magnitude of new product bias online. The Adobe data contain transaction prices and...
Persistent link: https://www.econbiz.de/10012918079