The Experimentalist School of Design
The Experimentalist School of Design
This chapter covers the third, and most recent, school of market design, and describes the critical ways it diverges from the previous two schools. The major protagonists here are Vernon Smith, Charles Plott, and Alvin Roth. For this school, market problems are first and foremost computational problems; economists promise to construct markets that will do the thinking that the agents cannot. In this school, market designers break out of the previous conventional sphere of markets, and promise to construct algorithms that perform all manner of feats of organization and computation.
Keywords: smart market, computational efficiency, designer market, person–machine system, knapsack problem, national resident matching, game theory
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