What Have We Learned from Market Design?

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What Have We Learned from Market Design?

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Title: What Have We Learned from Market Design?
Author: Roth, Alvin
Citation: Roth, Alvin E. 2008. What have we learned from market design? The Economic Journal 118(527): 285-310.
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Abstract: This essay discusses some things we have learned about markets, in the process
of designing marketplaces to fix market failures. To work well, marketplaces have to
provide thickness, i.e. they need to attract a large enough proportion of the potential
participants in the market; they have to overcome the congestion that thickness can bring, by making it possible to consider enough alternative transactions to arrive at good ones; and they need to make it safe and sufficiently simple to participate in the market, as opposed to transacting outside of the market, or having to engage in costly and risky strategic behavior. I'll draw on recent examples of market design ranging from labor markets for doctors and new economists, to kidney exchange, and school choice in New York City and Boston.
Published Version: http://www3.interscience.wiley.com/journal/119389863/abstract
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:2579650
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