Market Design, Human Behavior, and Management

Abstract

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Bidding on a Peer-to-Peer Energy Market: An Exploratory Field Study

“…Although the theory on market design provides valuable guidelines for developing intuitions, mechanisms that work well under the simplifying assumptions about human behavior in theoretical models can fail in real-life challenges (Chen et al 2021). Hence, the bidding behavior of individuals in online markets may deviate from theoretical predictions and might vary among individuals (Wilcox 2000).…”

“…First, consumer-centric market design is a novelty in the energy sector, in which consumers are used to perceiving electricity as a commodity that does not require any active management from their side. Second, most individuals are lay users with limited understanding of the energy sector (Wilcox 2000, Chen et al 2021. Given their hitherto passive role, there was no need for consumers to develop an understanding of topics such as the market logic of supply and demand, or physical grid limitations and abstract measurement units like kilowatt hours.…”

Pandemiebereitschaft, internationale Kooperation und Marktdesign

“…Das gilt auch für Märkte, bei denen der Preismechanismus in der Krise an seine ethischen, sozialen oder ökonomischen Grenzen stößt. Die angewandte Marktdesignforschung hat hierfür Werkzeuge entwickelt und in vielen Fällen erfolgreich erprobt (Cramton et al, 2020;Chen et al, 2021 (Gemünden und Thiel, 2021).…”

Correlation Neglect in Student-to-School Matching

“…To the extent that uncertainty in admission is driven 4 Note that applications to school choice are not the only suggested field applications of correlation neglect; see also Eyster and Weizsäcker (2016) for applications to financial decision-making and Levy and Razin (2015) for applications to voting behavior. 5 For a recent reviews of this literature, see Hakimov and Kübler (2020) or Chen et al (2020). 6 See Featherstone and Niederle (2016); Guillen andHakimov (2017) and; Ding and Schotter (2017); Basteck and Mantovani (2018); Li (2017); or Koutout et al (2018).…”