Smart market mechanisms: from practice to theory
Experimental economists have had significant interest in the design and performance of so-called 'smart markets' since the 1980s. These markets facilitate the automatic processing and balancing of intricate contingencies by the smart mechanism. A theoretical model of smart markets is developed. In addition, a smart market mechanism that implements all-or-nothing contingencies for a single good and meets four fundamental properties of fairness and efficiency is described. This market is demonstrated to transgress a basic invariant of conventional auction markets. Thus, the Law of a Single Price is not applicable to this market.
Publication Name: Journal of Economic Dynamics & Control
A tale of two mechanisms: student placement
A study was conducted to characterize a novel category of matching problems that models centralized college admissions using standardized tests. The multi-category serial dictatorship mechanism supported deficiencies and a vulnerability to manipulation. It also penalized students for improvements in test scores. An alternative mechanism called the Gale-Shapley student optimal mechanism was then developed to address the deficiencies.
Publication Name: Journal of Economic Theory
The essence of the modern corporation: markets, strategic decision-making and the theory of the firm
The modern corporation can be defined essentially by its ability to make strategic decisions. Market forces that traditionally are thought to exist outside the corporation can be conceived of as existing within the strategic decision process. This conception of the corporation builds on the ideas of R.H. Coase and emphasizes organizational processes over market forces and exchange patterns.
Publication Name: Manchester School
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