This open access book provides a broad range of insights on market engineering and information management. It covers topics like auctions, stock markets, electricity markets, the sharing economy, information and emotions in markets, smart decision-making in cities and other systems, and...

In auctions, typically a fixed quantity is traded, while the price and the total monetary value of the transaction depend on the actions of the bidders. We consider a budget auction alternative, where the total monetary value of the transaction is fixed, while the traded quantity is endogenously...

The allocation of permits is an important design aspect of an emissions trading scheme. Traditionally, governments have favoured the free allocation of greenhouse gas permits based on individual historical emissions (‘grandfathering’) or industry benchmark data. Particularly in the EU, the...

This paper analyses the auction designs chosen for awarding 3G licenses in the UK and in Germany and compares them with respect to revenues and bidders� surplus using a laboratory experiment. In our study with a given number of bidders, the German design leads to higher revenues. However,...

According to theory a pure meritocracy is efficient because individual members are competitively rewarded according to their individual contributions to society. However, purely individually based meritocracies seldom occur. We introduce a new model of social production called “team-based...