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Market design, the Glossary

Index Market design

Market design is an interdisciplinary engineering-driven approach to economics and a practical methodology for creation of markets of certain properties, which is partially based on mechanism design.[1]

Table of Contents

  1. 18 relations: Auction theory, Core (game theory), David Gale, Designing Economic Mechanisms, Doubly stochastic matrix, Erwin Plein Nemmers Prize in Economics, Gale–Shapley algorithm, Knaster–Tarski theorem, Lattice (order), Lloyd Shapley, Mechanism design, Nash equilibrium, Pennsylvania State University, Spectrum auction, Stable matching theory, Vickrey auction, Vickrey–Clarke–Groves mechanism, Vijay Krishna (economist).

  2. Auction theory
  3. Mechanism design
  4. Microeconomic theories

Auction theory

Auction theory is a branch of applied economics that deals with how bidders act in auctions and researches how the features of auctions incentivise predictable outcomes.

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Core (game theory)

In cooperative game theory, the core is the set of feasible allocations or imputations where no coalition of agents can benefit by breaking away from the grand coalition.

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David Gale

David Gale (December 13, 1921 – March 7, 2008) was an American mathematician and economist.

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Designing Economic Mechanisms

Designing Economic Mechanisms is a 2006 book by economists Leonid Hurwicz and Stanley Reiter. Market design and Designing Economic Mechanisms are mechanism design.

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Doubly stochastic matrix

In mathematics, especially in probability and combinatorics, a doubly stochastic matrix (also called bistochastic matrix) is a square matrix X.

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Erwin Plein Nemmers Prize in Economics

The Erwin Plein Nemmers Prize in Economics is an academic prize awarded biennially by Northwestern University.

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Gale–Shapley algorithm

In mathematics, economics, and computer science, the Gale–Shapley algorithm (also known as the deferred acceptance algorithm, propose-and-reject algorithm, or Boston Pool algorithm) is an algorithm for finding a solution to the stable matching problem.

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Knaster–Tarski theorem

In the mathematical areas of order and lattice theory, the Knaster–Tarski theorem, named after Bronisław Knaster and Alfred Tarski, states the following: It was Tarski who stated the result in its most general form, and so the theorem is often known as Tarski's fixed-point theorem.

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Lattice (order)

A lattice is an abstract structure studied in the mathematical subdisciplines of order theory and abstract algebra.

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Lloyd Shapley

Lloyd Stowell Shapley (June 2, 1923 – March 12, 2016) was an American mathematician and Nobel Memorial Prize-winning economist.

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Mechanism design

Mechanism design, sometimes called implementation theory or institution design, is a branch of economics, social choice, and game theory that deals with designing game forms (or mechanisms) to implement a given social choice function.

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Nash equilibrium

In game theory, the Nash equilibrium is the most commonly-used solution concept for non-cooperative games.

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Pennsylvania State University

The Pennsylvania State University, commonly referred to as Penn State and sometimes by the acronym PSU, is a public state-related land-grant research university with campuses and facilities throughout Pennsylvania.

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Spectrum auction

A spectrum auction is a process whereby a government uses an auction system to sell the rights to transmit signals over specific bands of the electromagnetic spectrum and to assign scarce spectrum resources. Market design and spectrum auction are auction theory.

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Stable matching theory

In economics, stable matching theory or simply matching theory, is the study of matching markets.

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Vickrey auction

A Vickrey auction or sealed-bid second-price auction (SBSPA) is a type of sealed-bid auction.

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Vickrey–Clarke–Groves mechanism

In mechanism design, a Vickrey–Clarke–Groves (VCG) mechanism is a generic truthful mechanism for achieving a socially optimal solution. Market design and Vickrey–Clarke–Groves mechanism are mechanism design.

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Vijay Krishna (economist)

Vijay Krishna (born 7 February 1956 in Delhi, India) is an Indian American economist who is a Distinguished Professor of Economics and Job Market Placement Director of the Department of Economics at the Pennsylvania State University.

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See also

Auction theory

Mechanism design

Microeconomic theories

References

[1] https://en.wikipedia.org/wiki/Market_design