How Artificial Intelligence and Machine Learning Can Impact Market Design

Paul Milgrom and Steven Tadelis

No 24282, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers to uncover important market fundamentals, and to better predict fluctuations that can cause friction in markets. This paper offers some recent examples of how Artificial Intelligence helps market designers improve the operations of markets, and outlines directions in which it will continue to shape and influence market design.

JEL-codes: D44 D82 L15 (search for similar items in EconPapers)
Date: 2018-02
New Economics Papers: this item is included in nep-big, nep-cbe, nep-cmp, nep-des and nep-ind
Note: IO PR
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Citations: View citations in EconPapers (12)

Published as How Artificial Intelligence and Machine Learning Can Impact Market Design , Paul R. Milgrom, Steven Tadelis. in The Economics of Artificial Intelligence: An Agenda , Agrawal, Gans, and Goldfarb. 2019

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Chapter: How Artificial Intelligence and Machine Learning Can Impact Market Design (2018)
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