Essays On Designing Economic Mechanisms
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Author | : John E. Roemer |
Publisher | : Cambridge University Press |
Total Pages | : 372 |
Release | : 1996-09-28 |
Genre | : Business & Economics |
ISBN | : 9780521574457 |
Fifteen essays, written over the past dozen years, explore contemporary philosophical debates on egalitarianism, using the tools of modern economic theory, general equilibrium theory, game theory, and the theory of mechanism design.
Author | : Alvin E. Roth |
Publisher | : Houghton Mifflin Harcourt |
Total Pages | : 275 |
Release | : 2015 |
Genre | : Business & Economics |
ISBN | : 0544291131 |
A Nobel laureate reveals the often surprising rules that govern a vast array of activities -- both mundane and life-changing -- in which money may play little or no role. If you've ever sought a job or hired someone, applied to college or guided your child into a good kindergarten, asked someone out on a date or been asked out, you've participated in a kind of market. Most of the study of economics deals with commodity markets, where the price of a good connects sellers and buyers. But what about other kinds of "goods," like a spot in the Yale freshman class or a position at Google? This is the territory of matching markets, where "sellers" and "buyers" must choose each other, and price isn't the only factor determining who gets what. Alvin E. Roth is one of the world's leading experts on matching markets. He has even designed several of them, including the exchange that places medical students in residencies and the system that increases the number of kidney transplants by better matching donors to patients. In Who Gets What -- And Why, Roth reveals the matching markets hidden around us and shows how to recognize a good match and make smarter, more confident decisions.
Author | : Leonid Hurwicz |
Publisher | : Cambridge University Press |
Total Pages | : 398 |
Release | : 1985-12-27 |
Genre | : Business & Economics |
ISBN | : 9780521262040 |
This book contains a collection of essays providing a comprehensive view of the design and evaluation of economic mechanisms.
Author | : Eric Samuel Mayefsky |
Publisher | : Stanford University |
Total Pages | : 106 |
Release | : 2011 |
Genre | : |
ISBN | : |
I explore fundamental behavioral aspects of several market design environments in a variety of projects using both theoretical models and laboratory experiments. I show that human tendencies can drastically shift potential outcomes away from those which would result if individuals were fully 'rational' and unbiased in decision problems similar to those found frequently in the field. I explore two common classes of centralized matching mechanisms--Deferred Acceptance and Priority--which have wildly different success rates in practice despite both being open to manipulation by agents who have incomplete information about the other participants in the match. For this reason, theory predicts both mechanisms in equilibrium will yield match outcomes which are unstable, meaning some agents will desire to renegotiate with one another after receiving their match assignments, and thus reduce participants' confidence in using the match. I provide laboratory evidence that out-of-equilibrium truth telling by agents is substantially more frequent in the Deferred Acceptance environment and thus Deferred Acceptance matches will generally be more stable in practice than matches using a Priority mechanism. This may explain why Deferred Acceptance mechanisms appear to be more viable in the field. I also explore two different models of decentralized two-sided matching environments where establishing scarce signaling methods can improve market outcomes. In a laboratory experiment, I show that allowing potential receiving job offers to send a single signal to their favorite potential employer before job offers are made increases overall match rates in the market, but is potentially damaging to the firms making offers when compared to the market without such a signal. Then, in a theoretical model where pre-offer communication takes the form of an interview process where workers have natural limits on the number of interviews in which they can participate, I show that in many cases firms can benefit themselves and the market as a whole by voluntarily restricting the number of interviews they offer to participate in. While not traditionally thought of as market design problems, voting mechanisms are fundamentally goods allocation problems as well and have many of the same issues as traditional markets do. I explore the effects of voter bias on outcomes in an otherwise standard voting model and find that even slight external pressure on individuals in a committee tasked with coming to a collective decision can destroy the ability of that committee to arrive at the correct result, even when individuals have good information about the best decision to make. Furthermore, the quality of the decision made by such a committee can actually degrade as the committee size increases, in contrast with the canonical Condorcet Jury Theorem which predicts that a committee's ability to choose the right outcome increases quickly as more members are added.
Author | : Charles R. Plott |
Publisher | : Elsevier |
Total Pages | : 1175 |
Release | : 2008-08-21 |
Genre | : Business & Economics |
ISBN | : 0444826424 |
While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appears blurred and may produce uncertain results. The contributors to this volume have provided brief notes describing specific experimental results.
Author | : Walter P. Heller |
Publisher | : Cambridge University Press |
Total Pages | : 316 |
Release | : 1986-09-26 |
Genre | : Business & Economics |
ISBN | : 9780521327046 |
The third in a series of volumes published in honour of Professor Kenneth J. Arrow, each covering a different area of economic theory.
Author | : Theodore Groves |
Publisher | : U of Minnesota Press |
Total Pages | : 410 |
Release | : 1987 |
Genre | : Business & Economics |
ISBN | : 1452908044 |
Printbegrænsninger: Der kan printes 10 sider ad gangen og max. 40 sider pr. session
Author | : Peter J. Boettke |
Publisher | : Taylor & Francis |
Total Pages | : 160 |
Release | : 2000 |
Genre | : Business & Economics |
ISBN | : 9780415216586 |
Author | : Nicolás Andrés Figueroa González |
Publisher | : |
Total Pages | : 146 |
Release | : 2006 |
Genre | : |
ISBN | : |
Author | : Leonid Hurwicz |
Publisher | : Cambridge University Press |
Total Pages | : 321 |
Release | : 2006-05-22 |
Genre | : Business & Economics |
ISBN | : 113945434X |
A mechanism is a mathematical structure that models institutions through which economic activity is guided and coordinated. There are many such institutions; markets are the most familiar ones. Lawmakers, administrators and officers of private companies create institutions in order to achieve desired goals. They seek to do so in ways that economize on the resources needed to operate the institutions, and that provide incentives that induce the required behaviors. This book presents systematic procedures for designing mechanisms that achieve specified performance, and economize on the resources required to operate the mechanism. The systematic design procedures are algorithms for designing informationally efficient mechanisms. Most of the book deals with these procedures of design. When there are finitely many environments to be dealt with, and there is a Nash-implementing mechanism, our algorithms can be used to make that mechanism into an informationally efficient one. Informationally efficient dominant strategy implementation is also studied.