Traditional economics focuses on hypothetical markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of the invisible hand, which guides markets and renders regulation or interference largely...

Cover -- Half-title -- Title -- Copyright -- Table of Contents -- Preface -- Foreword -- CHAPTER ONE: Getting to Work -- 1.1 Politics Sets the Stage -- 1.2 Designing for Multiple Goals -- 1.2.1 Substitutes and Complements -- 1.2.2 New Zealand's Rights Auction -- 1.2.3 Better Auction Designs --...