Market Design: The Policy Uses of Theory

Stanford GSB Research Paper No. 1781

13 Pages Posted: 19 Jun 2003

See all articles by John McMillan

John McMillan

CESifo (Center for Economic Studies and Ifo Institute)

Date Written: January 2003

Abstract

The use of modern microeconomics in policy is illustrated by the markets for spectrum, electricity, greenhouse-gas reductions, defense procurement, and Treasury bills. Further examples are antitrust divestiture rules, market-based redistribution, fishery conservation, and privatization. The limits of the use of theory are also discussed, by reference to China's economy-wide reforms. Lessons on the policy use of theory are drawn.

Suggested Citation

McMillan, John, Market Design: The Policy Uses of Theory (January 2003). Stanford GSB Research Paper No. 1781. Available at SSRN: https://ssrn.com/abstract=381284 or http://dx.doi.org/10.2139/ssrn.381284

John McMillan (Contact Author)

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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