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Market Design

Perhaps the most crucial function of a market is to match the right parties to one another; whether this be buyers and sellers of commodities, employees to fitting jobs or blood donors to appropriate recipients. Contrary to traditional economics, the field of economics known as “market design” acknowledges that efficient markets are more complicated than the coming together of supply and demand. For markets to function optimally detailed rules are necessary, which may vary depending on the nature of the markets.

At ECRi we do not follow a one size fits all approach when designing a market. Instead, we combine insights from game theory, micro-economic theory and experimental economics to design, test and implement tailor-made markets serving each individual purpose in the most efficient way. 

Without a good market design, individual participants may still find it profitable to go a little early and engage in a kind of claim jumping.

Alvin E. Roth

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