Michael Giberson Rob Harmon gave a TEDx talk last fall in Seattle on a market mechanism that links willing buyers and willing sellers in a way that protects in-stream water flows and helps restore stream ecosystems. Harmon was formerly with the Bonneville Environmental Foundation (BEF) in Portland, Oregon, where he was a developer of the … More Rob Harmon at TEDxRanier: How the market can keep streams flowing
Michael Giberson In New York Mercantile Exchange Inc. v. IntercontinentalExchange Inc., the U.S. Court of Appeals, Second Circuit denied NYMEX copyright protection for its settlement prices. The decision turned on application of the merger doctrine in copyright law, which governs cases in which the expression of an idea is so completely linked to the idea itself … More Would granting futures exchanges copyright protection for prices deter some market manipulation?
Michael Giberson From the Mim’s Bits column in the MIT Technology Review: “How Mechanical Turk is Broken Why the world’s most famous outsourcing hub for tiny tasks is littered with spam and shoddy workmanship.” Mechanical Turk (MTurk) is Amazon’s site for linking companies seeking small web-based tasks requiring at least a bit of human intelligence … More An example of ways poorly constructed markets can fail
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 … More What market design can do for you
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 … More NHL’s experiments in hockey
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 … More Cocoa market manipulation? The evidence suggests…
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 More rule/market design recommendations for international football-soccer