Smart market mechanisms: from practice to theory

Article Abstract:

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.

Markets (Economics)

---

A tale of two mechanisms: student placement

Article Abstract:

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.

Analysis, Universities and colleges, College admissions, Matching theory

---

The essence of the modern corporation: markets, strategic decision-making and the theory of the firm

Article Abstract:

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.

Economic aspects, Corporations, Strategic planning (Business), Industrial organization

Similar abstracts:

• Abstracts: Labor's influence on the balance of the USA's merchandise accounts
• Abstracts: Small farms mean big opportunity for Purina. Communicating the diary checkoff with one clear voice. Technology licensing partners
• Abstracts: The growth of temporary services work. The role of economists in modern antitrust: an overview and summary. Employers' hiring decisions and inefficiency in the market for economists
• Abstracts: Learning from input-output mixes in DEA: a proportional measure for slack-based efficient projections. Price flexibility and output variability: what do we learn from disaggregate data?
• Abstracts: Market share and market power in merger and monopolization cases. Merger analysis in the courts

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.