Saturday, October 1, 2011

Cramton^3 on market design

IMT Institute for Advanced Studies, Lucca Piazza San Ponziano 6, Lucca Italy
 October 4-6, 2011

 Peter Cramton
 Professor of Economics, University of Maryland

During the week of 3 October 2011, Professor Peter Cramton will present a series of three lectures on market design. The emerging field of market design applies auctions and matching to solve resource allocation problems. The lectures focus on auction design, the branch of market design where money is used to facilitate the exchange of goods and services. Within auctions, the paper examines applications involving government regulated resources. Who should use the scarce radio spectrum and at what prices? How should electricity markets be organized? How should financial markets be regulated? And how should governments procure health care goods and services? All of these are important questions in major industries. Researchers in market design have made substantial progress in answering these questions over the last seventeen years. The efforts, although at the forefront of theory have been closely tied to practice, and involved interdisciplinary teams of economists, computer scientists, and engineers, all working to solve real problems. Despite this rapid progress, the field holds much promise to provide better answers in even more complex economic environments over the next two decades. The rewards to society from improved markets will be immense.

 Tuesday, October 4, 2011 - 2 pm
 Electricity Market Design and Climate Policy

 Wednesday, October 5, 2011 - 2 pm
Spectrum Auction Design

Thursday, October 6, 2011 - 2 pm
Medicare Auctions: A Case Study of Market Design in Washington, DC

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