Marketplaces, Markets, and Market Design

Roth, Alvin E.

doi:10.1257/aer.108.7.1609

Cited by 107 publications

(56 citation statements)

References 213 publications

(144 reference statements)

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“…It is a field that requires new methods and OR needs to be cognizant of work that has been published on market design in the recent years. Market design is an interdisciplinary field that has drawn significant attention in computer science, OR, and economics (Roth 2018;Bichler 2017). For example, the INFORMS has a relatively new section on Auctions and Market Design that combines research at the intersection of these three communities.…”

Section: Commentsmentioning

confidence: 99%

Comments on: Shared resources in collaborative vehicle routing

Bichler

2020

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CommentsThis paper presents an up-to-date review of the emerging literature on collaborative vehicle routing. More generally, it summarizes the literature in operations research (OR) and logistics that focuses on problems with multiple decision-makers. OR has a long and successful history in solving computationally hard resource allocation problems. The traveling salesman problem is a classical problem in this field and its solution has seen enormous advances in the last 60 years. Although the problem is computationally hard (NP-hard), instances with millions of cities can be solved nowadays within 2-3% of an optimal tour (Rego et al. 2011). This is far beyond what experts could imagine 20 years ago.To a large extent, problems in OR have been solved from the point of view of a single decision-maker. However, many of the problems and inefficiencies that we experience in logistics and transportation nowadays arise from the fact that multiple parties need to coordinate and allocate scarce resources efficiently. Such resources might be loading docks at warehouses (Karaenke et al. 2018), airport time slots (Ball et al. 2007), or road capacity (Cramton et al. 2018). There is a significant empirical literature showing that these resources are not used efficiently, which is due to a lack of coordination among the participants or inefficient allocation mechanisms. Gansterer and Hartl mention that empty truck miles in the EU are estimated to range between 15 and 20%, and that in the US, trailers of trucks are on average only 43% full and 25% of the total miles traveled are with completely or nearly empty trailers. The lack of coordination among carriers can be seen as a root cause for these inefficiencies.Economic theory suggests that markets allocate resources efficiently. The Arrow-Debreu model shows that under convex preferences, perfect competition, perfectly divisible goods, and demand independence there must be a set of This comment refers to the invited paper available at https ://doi.

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Section: Commentsmentioning

confidence: 99%

Comments on: Shared resources in collaborative vehicle routing

Bichler

2020

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“…Our third original contribution is to analyze the aggregate and distributive effects on the allocation and welfare of students and schools of three different counterfactual mechanisms that play with the trade‐offs between congestion costs, the adequacy of student selection, and the quality of the resulting match. These three experiments aim at analyzing salient policy issues in the current debates on school choice (Roth ()).…”

Section: Introductionmentioning

confidence: 99%

College choice, selection, and allocation mechanisms: A structural empirical analysis

Carvalho

Magnac

Xiong

2019

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We use rich microeconomic data on performance and choices of students at college entry to analyze interactions between the selection mechanism, eliciting college preferences through exams, and the allocation mechanism. We set up a framework in which success probabilities and student preferences are shown to be identified from data on their choices and their exam grades under exclusion restrictions and support conditions. The counterfactuals we consider balance the severity of congestion and the quality of the match between schools and students. Moving to deferred acceptance or inverting the timing of choices and exams are shown to increase welfare. Redistribution among students and among schools is also sizeable in all counterfactual experiments.

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“…Indeed, as eminent market designer Alvin Roth has observed, digitisation requires coding, which in turn requires rules that are explicit. This has the effect of focussing attention on the rules of markets and how markets work within rules; that is, on their 'design' (Roth 2017). This suggests digital disruption inherently involves market (re)design.…”

Section: Introductionmentioning

confidence: 99%

Matching markets in housing and housing assistance

Sharam¹,

Byford²,

Karabay³

et al. 2018

AHURI Final Report

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Related reports and documents Potential of new technologies to disrupt housing policy https://www.ahuri.edu.au/research/research-in-progress/ahuri-inquiries/evidence-based-policyinquiry-71150 AHURI AHURI is a national independent research network with an expert not-for-profit research management company, AHURI Limited, at its centre. AHURI's mission is to deliver high quality research that influences policy development and practice change to improve the housing and urban environments of all Australians. Using high quality, independent evidence and through active, managed engagement, AHURI works to inform the policies and practices of governments and the housing and urban development industries, and stimulate debate in the broader Australian community. AHURI undertakes evidence-based policy development on a range of priority policy topics that are of interest to our audience groups, including housing and labour markets, urban growth and renewal, planning and infrastructure development, housing supply and affordability, homelessness, economic productivity, and social cohesion and wellbeing. Acknowledgements This material was produced with funding from the Australian Government and state and territory governments. AHURI Limited gratefully acknowledges the financial and other support it has received from these governments, without which this work would not have been possible. AHURI Limited also gratefully acknowledges the contributions, both financial and in-kind, of its university research partners who have helped make the completion of this material possible. Disclaimer The opinions in this report reflect the views of the authors and do not necessarily reflect those of AHURI Limited, its Board, its funding organisations or Inquiry panel members. No responsibility is accepted by AHURI Limited, its Board or funders for the accuracy or omission of any statement, opinion, advice or information in this publication. AHURI journal AHURI Final Report journal series is a refereed series presenting the results of original research to a diverse readership of policy-makers, researchers and practitioners. Peer review statement An objective assessment of reports published in the AHURI journal series by carefully selected experts in the field ensures that material published is of the highest quality. The AHURI journal series employs a double-blind peer review of the full report, where anonymity is strictly observed between authors and referees.

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Marketplaces, Markets, and Market Design

Cited by 107 publications

References 213 publications

Comments on: Shared resources in collaborative vehicle routing

Comments on: Shared resources in collaborative vehicle routing

College choice, selection, and allocation mechanisms: A structural empirical analysis

Matching markets in housing and housing assistance

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