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Market Design Panel Paul Milgrom Nemmers Prize Conference November - PowerPoint PPT Presentation

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Market Design Panel Paul Milgrom Nemmers Prize Conference November 6, 2009 1 11/9/2009 Rakeshs Question How, if at all, has theoretical work influenced the design of markets? And if it has not influenced design, why not? Critics

  1. Market Design Panel Paul Milgrom Nemmers Prize Conference November 6, 2009 1 11/9/2009

  2. Rakesh’s Question � How, if at all, has theoretical work influenced the design of markets? And if it has not influenced design, why not? � Critics’ views � Jean-Jacques Laffont � Ariel Rubinstein 2 11/9/2009

  3. How Does Economic Theory Help? � Modigliani-Miller theorems � Advice about dividend policy? About capital structure? � Coase theorem � Advice about make-or-buy decisions? � First welfare theorem � Advice about competition policy? � Revenue equivalence theorem, Vickrey theorem, Gibbard- Sattherthwaite theorem � Advice about auction designs? 3 11/9/2009

  4. Theory and Auction Design � Spectrum auctions: “I can do better than that!” � Avoiding mistakes � UK auction design incorporates � Combinatorial clock stage (Porter-Rassenti-Roopnarine-Smith) � Core selecting auction (Day-Milgrom) � Revealed preference activity rule (Ausubel-Milgrom) � Clock-proxy auction design (Ausubel-Cramton-Milgrom) � New computation methods (Day-Raghavan) 4 11/9/2009

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