Al Roth, Matchmaker

Michael Giberson Stanford’s alumni association magazine has a good article on recent economics Nobelist Al Roth. Several things about the article will trigger resistance among some free market readers, beginning with the title (“The Visible Hand”) and the subhead (A new breed of economist, Alvin Roth brings an engineering sensibility to fixing markets.). Deep into … More Al Roth, Matchmaker

Al Roth’s New Book on Matchmaking and Market Design

Alex Tabarrok reviews Al Roth‘s new book, Who Gets What — and Why: The New Economics of Matchmaking and Market Design, in the Wall Street Journal. An excerpt: Most economic theory focuses on commodity markets, in which anyone willing to pay the price gets the good and anyone not willing to pay the price doesn’t. In … More Al Roth’s New Book on Matchmaking and Market Design

Roth/shapley Nobel

Lynne Kiesling I have little to add to today’s congratulations to Al Roth and Lloyd Shapley for this year’s Nobel; Peter Klein has a useful roundup of links to good commentary, with a namecheck to us, in his link to his discussion of market design back in 2007 (thanks!). Mike’s frequent posts on price gouging … More Roth/shapley Nobel

Randomized Testing for Online Fundraising Appeals

Michael Giberson Following up yesterday’s note on randomized testing in free legal aid, here is another kind of applied experimental work: The recently ended Wikipedia fundraising campaign made extensive use of randomized testing to explore just which appeals generated the most revenue. “If everyone reading this donated $5” vs. “If everyone reading this donated $10” … More Randomized Testing for Online Fundraising Appeals

Market Design Helps People Attain Goals Effectively

Michael Giberson Harvard economic systems designer Al Roth is profiled in the Boston Globe: Academically speaking, Roth is a pioneer of so-called market design: finding situations where a market is failing — often, a place that most people wouldn’t even recognize as a market — and making it work better. Roth has influenced a cadre … More Market Design Helps People Attain Goals Effectively

An Experimental Test of Automated Market Power Mitigation Finds the Procedures Work

Michael Giberson The new International Journal of Industrial Organization is a special issue devoted to experimental analysis. Among the articles is research into automated market power mitigation procedures similar to the rules employed in the New York Independent System Operator. In brief, the authors find that automated conduct- and impact-based screening of offers succeeded in … More An Experimental Test of Automated Market Power Mitigation Finds the Procedures Work

Incentives and Fake Success in Medical Research and Public Policy

Michael Giberson Al Roth quotes from an article in the Atlantic discussing the powerful incentives to publish badly done, probably false medical research dressed up as success. In a sense the problem is the same as with other academic “publish or perish” reward systems except the incentives in medical research can be much, much higher. … More Incentives and Fake Success in Medical Research and Public Policy

Speed Blogging

Michael Giberson Speed blogging = copying a Zetland trope so I can clear these items off my “to blog” list: Robert Rapier on the Renewable Fuels Association‘s wild efforts to hold onto all possible subsidy and policy advantages that it can grab.  Elsewhere, the Wall Street Journal reports the emergence of a left-right coalition in … More Speed Blogging

The Ajax Soccer Talent Factory

Michael Giberson The New York Times Magazine has a feature article on the Ajax soccer development program – they recruit players as young as 7 years old and train them to 19 years if the player is good enough to be kept with the program. Like the development programs of other soccer teams, Ajax begun … More The Ajax Soccer Talent Factory

Private Management of the Commons: Parking Spots and Chicago Snow

Michael Giberson No doubt that since Elinor Ostrom won a Nobel Prize last year for, among other things, her work on decentralized approaches to common pool resource issues, a small legion of social science graduate students are looking for new cases of non-governmental management of common pool resources. Here is an example supplied by Fred … More Private Management of the Commons: Parking Spots and Chicago Snow