Innovation and Market Design
Peter Cramton ()
Innovation Policy and the Economy, 2009, vol. 9, issue 1, 113 - 137
Market design plays an essential role in promoting innovation. I examine emission allowance auctions, airport slot auctions, spectrum auctions, and electricity markets and demonstrate how the market design can encourage innovation. Improved pricing information is one source of innovation. Enhancing competition is another driver of innovation seen in all the applications. Market design fosters innovation in other ways as well by addressing other potential market failures.
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Chapter: Innovation and Market Design (2009)
Working Paper: Innovation and Market Design (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ucp:ipolec:doi:10.1086/592423
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