Michael Giberson Medicare pays medical equipment suppliers based on indexed-adjustments to a price list established 25 years ago. It is extremely unlikely that these prices are efficient. For the past 10 years Medicare has explored the possibility of pricing medical equipment via procurement auctions. Their procurement auction plan is fatally flawed. What can market design …
Michael Giberson Stephen Dubner at Freakonomics points to a Macleans story on some wild experimentation going on in the National Hockey League: shallower nets, moving the second referee off the ice, moving the face-off circles, three-on-three and two-on-two shootouts, and more. The article said: The unusual nature of some items tested at the camp reminded …
Michael Giberson …yes: cocoa market manipulation says Craig Pirrong. He comes to that conclusion after his examination of price movements in cocoa markets revealed all the fingerprints of a classic squeeze. In brief, Pirrong compared July London cocoa prices against September and November London prices and July New York prices over a period from January …
Cocoa Market Manipulation? The Evidence Suggests… Read More »
Lynne Kiesling Like Mike the other day, I have been thinking about possibly Pareto-improving rule changes in international soccer; like Richard Epstein I have always thought about sports rules (and league organization and market structure) as interesting market design issues. Take, for example, the unintended changes in ice hockey and American football after the introduction …
More Rule/market Design Recommendations for International Football-soccer Read More »
Michael Giberson Hadn’t actually thought of the rules of professional sports leagues as a market design issue before, but Richard Epstein’s column in Forbes proposing rule changes for soccer suggests the idea. Epstein suggests a couple of changes, drawing on basketball and hockey for inspiration: First, he says goals scored in the run of play …
Michael Giberson News and commentary on Thursday’s stock market moves. First, Newsweek, “The Computer Glitch Felt Round the World.” Now, Scott Patterson, WSJ, reports “Did Shutdowns Make the Plunge Worse?” (Business Insider comments, “Everyone is rushing to blame [High Frequency Trading (HFT)] and other non-human problems for the crash… when, at least in part, it may have …
Michael Giberson At his Oddhead Blog, Yahoo! researcher David Pennock reports several links of interest for folks working at the intersection of the fields of economics and computer science and then asks what this subfield should be called. He finds several terms in use for projects or at conferences: Algorithmic Economics, Market Algorithms, Electronic Commerce, …
I Nominate “Computational Economic Systems Design” Read More »
Michael Giberson At ThinkMarkets, Roger Koppl urges supporters of liberty to get into market design. In effect Koppl says: it isn’t especially useful to oppose the growth of government and hold high the beacon of freedom and prosperity, if there is no way to get from here to there. What is useful is finding a …
Michael Giberson The headlines about fraud in Europe’s carbon credit trading system (2010: “Fraud Besets E.U. Carbon Trade System,” 2009: “Europol: $7.4 Billion Lost from Carbon Trading Fraud in Europe“) seem to confirm what some critics of carbon credit trading have been saying all along (2007: “Carbon Trading Open Invitation To Fraud,” 2007: “The greenhouse …
Are Carbon Credit Markets Inherently Prone to Fraud and Manipulation? Read More »
Michael Giberson Al Roth surveys development of the market design course and field of study in economics at Harvard: [M]arket design is an eclectic field, drawing on game theory, experiments, computation, and field observation of all sorts (rules are data!).” … When Paul Milgrom and I began the class (when he spent a year at …
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