Discovering Prices: Auction Design in Markets with Complex Constraints

by Paul R Milgrom and Paul R. Milgrom

Book Overview

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...

• Format: Hardcover
• Language: English
• ISBN: 0231175981
• ISBN13: 9780231175982
• Release Date: May 2017
• Publisher: Columbia University Press
• Length: 248 Pages
• Weight: 0.90 lbs.
• Dimensions: 0.9" x 5.5" x 8.6"