This paper investigates the drivers of support for market mechanisms (competition and optimizing behavior by agents … through market mechanism is strongly correlated with moral values as defined by Haidt (2013): care, fairness, loyalty and …

We consider nonparametric identification in models of differentiated products markets, using only market level … models widely used in applied work. We allow for product/market-specific unobservables, endogenous product characteristics (e …

This essay discusses some things we have learned about markets, in the process of designing marketplaces to fix market … potential participants in the market; they have to overcome the congestion that thickness can bring, by making it possible to … participate in the market, as opposed to transacting outside of the market, or having to engage in costly and risky strategic …

When a firm forms a market closes. Resources that were previously allocated via the price system are allocated by … agents negotiate prices on behalf of their principals when there is trade in a market. Principals motivate agents to make … be achieved by closing a market and forming a firm, thereby contracting directly with both agents, and centrally …

This paper has a simple goal, that of understanding the joint behaviorof prices and quantities in a particular market …. More precisely, it examines whether we can find decision problems for suppliers and buyers, together with a market … of the product, of the size of the market, end of the quality of the data, the market chosen is the automobile market …

This study explores empirically the price dynamics within two distinct market institutions - a double oral auction …, which resembles modern asset markets, and a bilateral exchange market, which represents markets that have existed for …, 1889, 1896)) and the excess rent model (Smith (1962, 1965)) in both market institutions. Our approach is unique in that we …

We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy … and the market generates welfare losses, relative to simple majority voting, if the committee is large enough. We test the … theoretical implications by implementing a competitive vote market in the laboratory using a continuous open-book multi …