Friday, 13 November 2009

Paul Milgrom on market design

This video is of Paul Milgrom's 2009 Nemmer's Prize Lecture on "The Promise and Problems of Market Design".

The abstract of Milgrom's talk is:
"Market design has become an exciting area of economics research, with many of its findings useful for setting detailed rules in real markets. For matching markets, most proposed designs aim to be "straightforward" - making it a dominant strategy for participants to report information truthfully. But some recent matching and auction designs sacrifice incentive-compatibility conditions to give priority to various other desiderata. This lecture reviews the goals of market design and the unavoidable trade-offs that are sometimes required, and explores how economists should seek to resolve these trade-offs. "

Paul Milgrom Nemmers Prize Lecture from Steve Goldband on Vimeo.

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