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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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The Experimentalist School of Design

The Experimentalist School of Design

Chapter:
(p.183) 13 The Experimentalist School of Design
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0013

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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