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1、Matching:TheTheoryMurielNiederleStanfordandNBERSeptember26,2011StudyinganddoingMarketEconomicsIn“JonathanStrangeandMr.Norrel”,SusannaClarkedescribesanEnglandaround1800,withmagicsocieties,thoughnotalotofmagic.Whenaskedwhythereisnotmoremagic,thepresidentoftheYorksocie
2、tyofmagiciansrepliesthatthequestionwaswrong,“Itpresupposesthatmagicianshavesomesortofdutytodomagic-whichisclearlynonsense.[...]Magicians,..,studymagicwhichwasdonelongago.Whywouldanyoneexpectmore?”Marketdesignexpectsofeconomistsmorethanjuststudyingeconomics,ratherthe
3、aimistodoeconomics.MarketDesignDesignisbothaverbandanoun,andwe’llapproachmarketdesignbothasanactivityandasanaspectofmarketsthatwestudy.Designalsocomeswitharesponsibilityfordetail.Designerscan’tbesatisfiedwithsimplemodelsthatexplainthegeneralprinciplesunderlyingamarke
4、t;theyhavetobeabletomakesurethatallthedetailedpartsfunctiontogether.Marketdesignpapersoftenhaveadetaileddescriptionofthemarket’suniqueanddistinguishingfeaturesintheirpaperMatchingaspartofMarketDesignResponsibilityfordetailrequirestheabilitytodealwithcomplexinstituti
5、onalfeaturesthatmaybeomittedfromsimplemodels.Gametheory,thepartofeconomicsthatstudiesthe“rulesofthegame,”providesaframeworkwithwhichdesignissuescanbeaddressed.Butdealingwithcomplexitywillrequirenewtools,tosupplementtheanalyticaltoolboxofthetraditionaltheorist(Comput
6、ations,Experiments).GameTheory,experimentation,andcomputation,togetherwithcarefulobservationofhistoricalandcontemporarymarkets(withparticularattentiontothemarketrules),arecomplementarytoolsofDesignEconomics.Computationhelpsusfindanswersthatarebeyondourcurrenttheoreti
7、calknowledge.ExperimentsplayaroleIndiagnosingandunderstandingmarketfailures,andsuccessesIndesigningnewmarketsIncommunicatingresultstopolicymakersTheEconomistasEngineerAroughanalogymayhelpindicatehowthepartsofthiscoursehangtogether.Considerthedesignofsuspensionbri
8、dges.Theirsimplephysics,inwhichtheonlyforceisgravity,andallbeamsareperfectlyrigid,isbeautifulandindispensable.Butbridgedesignalsoconcernsm