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Annual Review of Economics

Volume 11, 2019

Auction Market Design: Recent Innovations

Abstract

Market design applies economic principles to the often messy problems of real-world exchange in which goods may not be homogeneous, the identities of trading partners may matter, contracts may not be executed, and even the formulation of trade as balancing supply and demand may be unhelpful. This article recounts the mostly academic research advancing the analysis and design of such markets. Among the highlighted applications are ones involving financial markets, Internet advertising, electricity auctions, spectrum auctions, cryptocurrencies, and combinatorial procurements.

Keyword(s): combinatorial procurement auctions, cryptocurrencies, electricity auctions, financial markets, Internet advertising, JEL D44, JEL D47, spectrum auctions
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2019-08-02
2024-04-16
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  • Article Type: Review Article

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