Overview

A comprehensive survey of the evolution of market design over the past three decades. In the mid-1990s, the first Federal Communications Commission spectrum auction and the redesign of the National Residency Matching Program collectively helped to jumpstart the field of market design. Since then, extensive research has improved auction design and broken new conceptual ground in addressing multi-agent matching problems. This volume summarizes key discoveries and advances in market design over the past three decades and explores contemporary challenges—from climate policy and electricity markets to AI-mediated exchanges and hospital resource allocation. Contributors examine how to design efficient, incentive-compatible mechanisms that are robust to shifting conditions and increasing complexity. They consider a wide variety of applications that could benefit from the market design viewpoint, such as environmental markets, school choice, and organ exchange. Together, the chapters illustrate the important interactions between economic theory, computational tools, and institutional insight.

Full Product Details

Author:   Irene Lo ,  Michael Ostrovsky ,  Parag A. Pathak
Publisher:   The University of Chicago Press
Imprint:   University of Chicago Press
Dimensions:   Width: 15.20cm , Height: 2.50cm , Length: 22.90cm
Weight:   0.481kg
ISBN:  

9780226846590

ISBN 10:   0226846598
Pages:   240
Publication Date:   24 February 2026
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   Available To Order  
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Table of Contents

Introduction    Irene Yuan Lo, Michael Ostrovsky, and Parag A. Pathak 1. Market Design and Maintenance    Alvin E. Roth 2. Market Design for the Environment    Estelle Cantillon and Aurélie Slechten 3. Market Design for Surface Water    Billy A. Ferguson and Paul Milgrom 4. Market Shaping to Combat Climate Change    William Arnesen and Rachel Glennerster 5. Challenges in Designing Electricity Spot Markets    Mete Şeref Ahunbay, Martin Bichler, and Johannes Knörr 6. Artificial Intelligence and Market Design: Lessons Learned from Radio Spectrum Reallocation    Kevin Leyton-Brown, Paul Milgrom, Neil Newman, and Ilya Segal 7. Influencing Policy and Transforming Institutions: Lessons from Kidney/Liver Exchange    Tayfun Sönmez and M. Utku Ünver 8. Matching Hospital Resources with Patients in Need    Fanyin Zheng 9. The Provision of Information and Incentives in School Assignment Mechanisms    Derek Neal and Joseph Root Author Index Subject Index 

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Author Information

Irene Lo is assistant professor of management science and engineering at Stanford University. Michael Ostrovsky is the Fred H. Merrill Professor of Economics at Stanford Graduate School of Business and a research associate of the NBER. Parag A. Pathak is the Class of 1922 Professor of Economics at the Massachusetts Institute of Technology, where he is also the founder and director of Blueprint Labs, and a research associate of the NBER.

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