Bachelor
2023/2024
Applied Market Design
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type:
Elective course (Economics and Data Science)
Area of studies:
Applied Mathematics and Information Science
Delivered by:
Department of Theoretical Economics
Where:
Faculty of Economic Sciences
When:
2 year, 3 module
Mode of studies:
offline
Open to:
students of one campus
Instructors:
Oleg Baranov
Language:
English
ECTS credits:
3
Contact hours:
36
Course Syllabus
Abstract
The class offers an introduction to market design, providing students with a broad overview of issues related to the design and analysis of market mechanisms. It defines a market as a demand and a supply, without specifying a price system or mechanism. This allows to analyze a broad setof situations (including such unconventional markets as college admissions and organ donation) and forces students to pay attention to details that might otherwise be overlooked. Students often complain that microeconomics is too abstract and disconnected from reality; the study of market design shows how theory can help solve existing, real-life problems (i.e., "economist as engineer" approach). The class focuses on the interplay between theory and applications. To keep the class accessible to undergraduate students, special effort is made to minimize formal description of the models while emphasizing the intuition, with detailed explanations and resolution of examples.
Learning Objectives
- Understand and solve stylized market design models
- Develop critical thinking about market design problems
- Understand the basic principles of strategic interactions among market participants
- Understand basic real world markets and describe them with formal models
- Evaluate different market designs and assess their effectivness
Expected Learning Outcomes
- Understand and solve stylized market design models
- Develop critical thinking about market design problems
- Understand the basic principles of strategic interactions among market participants
- Understand basic real world markets and describe them with formal models
- Evaluate different market designs and assess their effectivness
Course Contents
- Introduction to Matching Markets
- Stable Matching and Orderly Markets
- House Allocation and Kidney Exchange
- School Choice
- Military Match
- Introduction to Auction Theory
- Designing Good Auctions
- Common Value Auctions
- Multi-Unit Auctions
- Sponsored Search Auctions
- Combinatorial Auctions
- Large-Scale Auctions for Radio Spectrum
- Master Section for Applied Market Design
Assessment Elements
- Problem SetsRegular Problem Sets
- Weekly ActivitiesWeekly Activities
- Online QuizesOnline Tests vis Smart LMS
- Final Exam
- Midterm Exam
Interim Assessment
- 2023/2024 3rd module0.25 * Final Exam + 0.2 * Midterm Exam + 0.2 * Online Quizes + 0.15 * Problem Sets + 0.2 * Weekly Activities
Bibliography
Recommended Core Bibliography
- Haeringer, G. (2018). Market Design: Auctions and Matching. The MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.mtp.titles.0262037548
- Market design : auctions and matching, Haeringer, G., 2017
Recommended Additional Bibliography
- The handbook of market design, , 2015
- Who gets what―and why: the new economics of matchmaking and market design, Roth, A.E., 2016