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Discovering Prices: Auction Design in Markets with Complex Constraints
Paul Milgrom
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Description for Discovering Prices: Auction Design in Markets with Complex Constraints
Hardback. Series: Kenneth J. Arrow Lecture Series. Num Pages: 224 pages, 10 black & white illustrations. BIC Classification: KF; KJQ. Category: (P) Professional & Vocational. Dimension: 216 x 140. .
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still ... Read more
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith's famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still ... Read more
Product Details
Publisher
Columbia University Press
Format
Hardback
Publication date
2017
Series
Kenneth J. Arrow Lecture Series
Condition
New
Number of Pages
248
Place of Publication
New York, United States
ISBN
9780231175982
SKU
V9780231175982
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Paul Milgrom
Paul Milgrom is the Shirley and Leonard Ely Professor of Humanities and Sciences in the Department of Economics at Stanford University. His books include Putting Auction Theory to Work (2004) and Economics, Organization, and Management (1992). He has also written dozens of articles on auction design, game theory, and macro- and microeconomics.
Reviews for Discovering Prices: Auction Design in Markets with Complex Constraints
In Discovering Prices, Paul Milgrom shows how innovative systems of price discovery can help solve vexing problems of reallocation, long thought to be intractable and made particularly challenging by the complexity and interconnectedness of new technologies. Milgrom's revolutionary advance in price theory is a most fitting tribute to Kenneth Arrow, who laid the foundation for understanding the traditional price system. ... Read more