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Innovation and Market Design

Peter Cramton ()

Papers of Peter Cramton from University of Maryland, Department of Economics - Peter Cramton

Abstract: 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 of the applications. Market design fosters innovation in other ways as well by addressing other potential market failures.

Keywords: Auctions; market design; innovation (search for similar items in EconPapers)
JEL-codes: D44 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2009, Revised 2009
New Economics Papers: this item is included in nep-com, nep-ino, nep-ipr, nep-pr~, nep-knm, nep-mic and nep-tid
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Published in Josh Lerner and Scott Stern (eds.), Innovation Policy and the Economy, Volume 9, National Bureau of Economic Research, 113-137, Chicago: University of Chicago Press, 2009

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