 | This article may be too technical for most readers to understand. (January 2020) |
 | This article may lend undue weight to auctions and matching, which have their own Wikipedia pages, making the material redundant. (June 2024) |
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Market design is an interdisciplinary [1] engineering-driven approach to economics and a practical methodology for creation of markets of certain properties, which is partially based on mechanism design.[2] In market design, the focus is on the rules of exchange-- meaning who gets allocated what and by what procedure. Market design is concerned with the workings of particular markets in order to fix them when they are broken or to build markets when they are missing. [3] Market design principles have been implemented in auction theory and matching theory.
- ^ Milgrom Nemmers Prize Presentation Slides, 2008 Archived 2014-02-20 at the Wayback Machine
- ^ Roth, Alvin E.; Wilson, Robert B. (Summer 2019). "How Market Design Emerged from Game Theory: A Mutual Interview". Journal of Economic Perspectives. 33 (3): 118–143. doi:10.1257/jep.33.3.118. ISSN 0895-3309.
- ^ Alvin Roth (2007), The Art of Designing Markets, Harvard Business Review, https://hbr.org/2007/10/the-art-of-designing-markets
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