Alvin E. Roth and Lloyd S. Shapley: Stable allocations and the practice of market design

Nobel Prize Committee
Additional contact information
Nobel Prize Committee: Nobel Prize Committee

No 2012-1, Nobel Prize in Economics documents from Nobel Prize Committee

Abstract: Economists study how societies allocate resources. Some allocation problems are solved by the price system: high wages attract workers into a particular occupation, and high energy prices induce consumers to conserve energy. In many instances, however, using the price system would encounter legal and ethical objections. Consider, for instance, the allocation of public-school places to children, or the allocation of human organs to patients who need transplants. Furthermore, there are many markets where the price system operates but the traditional assumption of perfect competition is not even approximately satisfied. In particular, many goods are indivisible and heterogeneous, whereby the market for each type of good becomes very thin. How these thin markets allocate resources depends on the institutions that govern transactions.

Keywords: Market Design (search for similar items in EconPapers)
JEL-codes: C71 D02 (search for similar items in EconPapers)
Pages: 44 pages
Date: 2012-10-15
New Economics Papers: this item is included in nep-ene and nep-gth
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.nobelprize.org/nobel_prizes/economics/l ... omicsciences2012.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.nobelprize.org/nobel_prizes/economics/laureates/2012/advanced-economicsciences2012.pdf [301 Moved Permanently]--> https://www.nobelprize.org/nobel_prizes/economics/laureates/2012/advanced-economicsciences2012.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ris:nobelp:2012_001

Access Statistics for this paper

More papers in Nobel Prize in Economics documents from Nobel Prize Committee
Bibliographic data for series maintained by RePEc Team ().