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Spot market power is
mitigated by putting suppliers and demanders in a more balanced position at the time of the spot
market. The markets also reduce transaction costs and improve liquidity and tran...
This paper examines principles of market design as
applied to electricity markets. I illustrate the principles
with examples of both good and bad designs. I discuss one
of the main design challe...
The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response
Arms Race Frequent Batch
2015/9/18
The high-frequency trading arms race is a symptom of flawed market design. Instead
of the continuous limit order book market design that is currently predominant, we argue
that financial...
Expecting the Unexpected: Emissions Uncertainty and Environmental Market Design
Emissions Uncertainty Environmental Market Design
2015/7/31
We analyze the demand for emissions allowances and the supply of
allowances and abatement opportunities in California's 2013-2020
cap and trade market for greenhouse gases (GHG). We estimate
a coin...
The Job Market for New Economists:A Market Design Perspective
Job Market New Economists Market Design
2015/7/23
The Job Market for New Economists:A Market Design Perspective.
Online Advertising:Heterogeneity and Conflation in Market Design
Online Advertising Heterogeneity Conflation Market Design
2015/7/21
The past decade has seen the explosive emergence of online advertising as a major source of revenue for Internet publishers. Analyses of this phenomenon are mostly conducted in the sway of Google’s hu...
The years since 1994 have witnessed the emergence of market design as a new discipline within economics, in which research and practice exert powerful mutual influences in matching and auction markets...
Online Advertising: Heterogeneity and Conflation in Market Design
Market Design Heterogeneity and Conflation
2015/7/21
The past decade has seen the explosive emergence of online advertising as a major source of
revenue for Internet publishers. Analyses of this
phenomenon are mostly conducted in the sway
of Googl...
The Job Market for New Economists: A Market Design Perspective
Cost Management Information Surveys Jobs and Positions Job Interviews Job Search Emerging Markets Market Platforms Service Operations Search Technology
2015/4/23
This paper provides an overview of the market for new Ph.D. economists. It describes the role of the American Economic Association (AEA) in the market and focuses in particular on two mechanisms adopt...
What Have We Learned From Market Design?
Market Design Market Participation Market Transactions Risk and Uncertainty Safety
2015/4/20
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...
Using forward markets to improve electricity market design
Electricity market design Forward market Capacity market Firm energy market
2014/11/27
Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the med...
The Effects of Prediction Market Design and Price Elasticity on Trading Performance of Users: An Experimental Analysis
Prediction market market design market making price elasticity idea evaluation
2012/4/28
We employ a 2x3 factorial experiment to study two central factors in the design of prediction markets (PMs) for idea evaluation: the overall design of the PM, and the elasticity of market prices set b...
A Market Design for Grid Computing
combinatorial call auction fair versus efficient allocation grid computing
2011/10/22
Grid computing uses software to integrate computing resources, such as CPU cycles, storage, network bandwidth, and even applications, across a distributed and heterogeneous set of networked computers....
A Unified Framework for Dynamic Pari-Mutuel Information Market Design
Unified Framework Dynamic Pari-Mutuel Market Design
2010/10/29
Recently, several new pari-mutuel mechanisms have been introduced to organize markets for contingent claims. Hanson [7] introduced a market maker derived from the logarithmic scoring rule, and later C...