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Using forward markets to improve electricity market design     Forward market  Capacity market       font style='font-size:12px;'> 2015/9/18
Spot market power is mitigated by putting suppliers and demanders in a more balanced position at the time of the spot market. The markets also reduce transaction costs and improve liquidity and tran...
Electricity Market Design: The Good, the Bad, and the Ugly     Electricity Market  Ugly       font style='font-size:12px;'> 2015/9/18
This paper examines principles of market design as applied to electricity markets. I illustrate the principles with examples of both good and bad designs. I discuss one of the main design challe...
The high-frequency trading arms race is a symptom of flawed market design. Instead of the continuous limit order book market design that is currently predominant, we argue that financial...
We analyze the demand for emissions allowances and the supply of allowances and abatement opportunities in California's 2013-2020 cap and trade market for greenhouse gases (GHG). We estimate a coin...
The Job Market for New Economists:A Market Design Perspective     Job Market  New Economists  Market Design       font style='font-size:12px;'> 2015/7/23
The Job Market for New Economists:A Market Design Perspective.
The past decade has seen the explosive emergence of online advertising as a major source of revenue for Internet publishers. Analyses of this phenomenon are mostly conducted in the sway of Google’s hu...
Critical Issues in the Practice of Market Design     Critical Issues   Market Design       font style='font-size:12px;'> 2015/7/21
The years since 1994 have witnessed the emergence of market design as a new discipline within economics, in which research and practice exert powerful mutual influences in matching and auction markets...
The past decade has seen the explosive emergence of online advertising as a major source of revenue for Internet publishers. Analyses of this phenomenon are mostly conducted in the sway of Googl...
This paper provides an overview of the market for new Ph.D. economists. It describes the role of the American Economic Association (AEA) in the market and focuses in particular on two mechanisms adopt...
What Have We Learned From Market Design?     Market Design  Market Participation  Market Transactions  Risk and Uncertainty  Safety       font style='font-size:12px;'> 2015/4/20
This essay discusses some things we have learned about markets, in the process of designing marketplaces to fix market failures. To work well, marketplaces have to provide thickness, i.e. they need to...
Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the med...
We employ a 2x3 factorial experiment to study two central factors in the design of prediction markets (PMs) for idea evaluation: the overall design of the PM, and the elasticity of market prices set b...
A Market Design for Grid Computing     combinatorial call auction  fair versus efficient allocation  grid computing       font style='font-size:12px;'> 2011/10/22
Grid computing uses software to integrate computing resources, such as CPU cycles, storage, network bandwidth, and even applications, across a distributed and heterogeneous set of networked computers....
Recently, several new pari-mutuel mechanisms have been introduced to organize markets for contingent claims. Hanson [7] introduced a market maker derived from the logarithmic scoring rule, and later C...

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