market design

Who Gets What — and Why: The New Economics of Matchmaking and Market Design
by Alvin E. Roth
Published 1 Jun 2015

When there aren’t enough kidneys to go around (and there aren’t) or seats in the best public schools (there never are), scarce resources must be allocated by some kind of matching process. Market Design Sometimes a matching process, whether formal or ad hoc, evolves over time. But sometimes, especially recently, it is designed. The new economics of market design brings science to matchmaking, and to markets generally. That’s what this book is about. Along with a handful of colleagues around the world, I’ve helped create the new discipline of market design. Market design helps solve problems that existing marketplaces haven’t been able to solve naturally. Our work gives us new insights into what really makes “free markets” free to work properly.

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The new system, in contrast, makes it safe for parents to list their true preferences and frees them to think about which schools they actually like best, without having to decide which one school they’re prepared to gamble on. Every market has a story to tell. Stories about market design often begin with failure—failure to provide thickness, to ease congestion, or to make participation safe and simple. In many of the stories in this book, market designers are like firefighters who come to the rescue when a market has failed and try to redesign a marketplace, or design a new one, that will restore order. But markets can succeed on their own practical terms and still fail in the eyes of those who don’t or won’t participate in them.

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The economic world is just as full of surprising detail as the natural world, and markets also often arise by a kind of evolution, by trial and error, without any intelligent design. But markets can also be designed, sometimes from scratch but often after trial and error leads to a market failure. Much of what we’ve learned about market design—and from market design about markets more generally—has come from observing market failures and figuring out how to fix them. Not all markets grow like weeds; some, like hothouse orchids, need to be nurtured. And some carefully nurtured marketplaces on the Internet are now among the world’s biggest and fastest-growing businesses.

Reinventing the Bazaar: A Natural History of Markets
by John McMillan
Published 1 Jan 2002

It is by spontaneous change, for the most part, that the rules of the market game develop, with the market participants designing better ways to transact. (I will refer to this aspect of market design as informal or bottom-up.) However, lowering transaction costs is a task not only for entrepreneurs, but also for public policy. The government has the responsibility to establish and maintain an environment within which markets can work efficiently. (I will refer to this aspect of market design as formal or top-down.) A basic part of the government’s role in market design is the defining of property rights. The surest way to destroy a market is to undermine people’s belief in the security of their own property.

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There are gains from trade, and people are relentless in finding ways to realize them. From fine art to finance, from eBay’s online auctions to the Rwandan refugee-camp commerce, new markets are continually being built from the bottom up. Entrepreneurs, restlessly thinking up more efficient ways of transacting, play the part of market designers. It is not just entrepreneurs who act as market designers. Market design also comes from the top down, with the government taking the lead—sometimes, as we will see next, driven by pressure from their constituents. THREE He Who Can’t Pay Dies A horrifying AIDS epidemic engulfed Africa toward the end of the twentieth century.

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In understanding the breakdown of the California electricity market, the blame need not be placed on the fact that the market designers were in the public sector. The private sector is equally prone to market design mishaps. Trial and error is the usual way for most markets to develop: learning from errors is the chief way of correcting any design flaws. Of the companies offering novel methods for online buying and selling that were floated in the late 1990s, for example, a few prospered but most perished. The internet industry shakeout of 2000–2001 winnowed out the less promising online marketers. The difference between public sector and private sector market design is that the government’s exercises can be on a very large scale and are carried out in the glare of news media, so when things go wrong, we hear about it.

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski
Published 24 Jun 2013

They have almost always directed the pitch at cash-strapped governments, urging them in particular to sell off public assets to private oligopolistic concerns; in the case of toxic asset auctions one need only invert the logic. Unfortunately, no one could much be bothered to scrutinize the claims of market designers. After all, there was a crisis a-brewing. Only a relatively small coterie of market designers ever got invited to participate in market design exercises, and most were partners in a small set of firms with interlocking directorates. In the case of the toxic asset auctions, the job of judging the proposals was assigned to Jeremy Bulow and Paul Milgrom, both partners with Ausubel and Cramton in Market Design, Inc. So much for Chinese Walls and plausible deniability. It doesn’t verge on the wildly conspiratorial to suggest that such arrangements create some perverse incentives when it comes to reining in some of the more fantastical claims (gaining popular acceptance for them improves the firm’s prospects), a fact that has seemed only to encourage ever more extravagant claims: The crisis was caused by mispricing: investment bankers were able to sell poor securities for full value based on misleading ratings.

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In particular the housing bubble would have been much less, and the investment bankers would not have been able to make such clever use of the rating agencies and create tens-of-thousands of senseless securities obfuscating prices. Even a tiny bit of good market design would have averted the financial crisis by preventing its root cause: the sale of subprime mortgages as near-riskless securities.143 . . . Calls for sensible regulation and market design were met with condescension before the credit crisis, a condescension that is being reevaluated now.144 Good auction design in complex environments . . . requires exploiting the substantial advances that we have seen in market design over the last fifteen years. The recent financial crisis is another example where the principles of market design, if effectively harnessed by regulators, could have prevented or at least mitigated the crisis.145 Of course, there is no record of any market designers having actually successfully intervened to prevent the crisis, or helped anyone else to ameliorate it, but historical accuracy was never the name of the game.

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Ausubel and Cramton (“No Substitute for the ‘P’-Word in Financial Rescue,” p. 1) repeat the “suitcase approach” charge. 137 “Complicated Reverse Auction May Aid in Bailout,” NPR, October 10, 2008. 138 Ausubel and Cramton, “A Troubled Asset Reverse Auction,” p. 10. 139 And, indeed, the studies that Ausubel and Cramton draw upon to get their 97 percent figure (Kagel and Levin, “Implementing Efficient Multi-Object Auction Institutions”) provided experimental treatments of private value auctions. 140 Matthew Philips, “Gaming the Financial System,” Newsweek, November 18, 2008, available at www.thedailybeast.com/newsweek/2008/11/17/gaming-the-financial-system.html. 141 Lawrence Ausubel and Peter Cramton, “Auction Design for the Rescue Plan,” presentation dated October 5, 2008, available at www.cramton.umd.edu/papers2005-2009/ausubel-cramton-auction-for-rescue-plan-slides.pdf (accessed March 6, 2012). 142 Nik-Khah, “A Tale of Two Auctions.” 143 Cramton, “Auctioning the Digital Dividend,” p. 1. 144 “The Credit Crisis and Market Design,” Alvin Roth’s Market Design Blog, January 3, 2009, at http://marketdesigner.blogspot.com/2009/01/credit-crisis-and-market-design.html. 145 Cramton, “Market Design,” p. 2. 146 Session on “Research Funding for Economists.” See www.etnpconferences.net/sea/seaarchive/sea2011/User/Program.php?TimeSlot=4#Session11. 147 Prasch, “After the Crash of 2008,” p. 161. 148 Sorkin, Too Big to Fail, pp. 227–29; Calomiris and Wallison, “Blame Fannie Mae and Congress for the Credit Mess.” 149 Krugman, “Fannie, Freddie and You.” 150 White, “The Federal Reserve System’s Influence on Research in Monetary Economics”; Wallison, see all; Congleton, “On the Political Economy of the Financial Crisis and Bailout 2008–9”; Calabria, “Fannie, Freddie and the Subprime Mortgage Market”; Pinto, “ACORN and the Housing Bubble”; Paybarah, “Bloomberg: Plain and Simple.” 151 Nocera, “The Big Lie.” 152 For the best examples, consult Engel and McCoy, The Subprime Virus; Muolo and Padilla, Chain of Blame; Fligstein and Goldstein, “A Long Strange Trip”; Avery and Brevoort, “The Subprime Crisis”; Madrick and Partnoy, “Did Fannie Cause the Disaster?”

The Inner Lives of Markets: How People Shape Them—And They Shape Us
by Tim Sullivan
Published 6 Jun 2016

These allocation problems all now have centralized clearinghouses, many designed with the basic deferred acceptance algorithm as their foundations. But that’s really all that Gale and Shapley provided: a conceptual framework that market designers have, for several decades now, been applying, evaluating, and refining. They’ve learned from its successes and, unfortunately, learned even more from its inevitable failures: modeling real-life exchanges is an imprecise, iterative process in which many of us find ourselves as experimental subjects. The Complicated Job of Engineering Matches Market designer Al Roth likes to use a bridge-building metaphor to explain the contrast between his own work and that of design pioneers like Shapley.

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When he went to work for the Department of Education’s central administration, hired by the reform-minded schools chancellor Joel Klein, he found himself part of a group tasked with resuscitating New York’s ailing school assignment process. At around the same time Dorosin and his colleagues were consulting with market design experts on fixing the situation in New York, school officials in Boston had started to look at market design as a solution to their own school-match woes—although the Boston school system only had a slight headache compared to NYC’s cardiac arrest. A mechanism design expert at Boston College, Tayfun Sönmez, had been hounding the city’s school board for years with proposals on how to improve student assignments using a match based on deferred acceptance.

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Indeed, their simulations indicated that just as many students would have been assigned to nearby schools if there had been no walk zone priority at all. Why did this happen? The explanation is subtle, so bear with us for just a moment. But its subtlety can also help you appreciate why market designers may have missed it on first pass. In putting Gale and Shapley’s algorithm into practice, students ranked each school. The market designers thought of district priorities as being like schools’ rankings of students. So just as each girl in the middle-school gym would have her suitors line up in order, a school would accept each child in order of priority based on school zone, income, and so forth.

Finance and the Good Society
by Robert J. Shiller
Published 1 Jan 2012

Chapter 8 Market Designers and Financial Engineers Market designers, sometimes called mechanism designers, start with a problem—the need for a market solution to some real human quandary—and then design a market and associated contracts to solve the problem. They are using nancial and economic theory to create “trades” that leave people better o . In so doing they are humanizing nance and making it more relevant to human welfare. Sometimes these people are called nancial engineers, since what they do seems analogous to what mechanical or electrical engineers do. At their best, market designers have the same practical common sense and drive to create, and the same grasp of basic science, that successful engineers have.

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Even so, the limits of Roth’s kidney transplant market are still apparent today, for such markets have not reached most of the people in need of transplants. The slowness with which nancial developments take place again re ects a demand for conventionality and familiarity and an overreliance on tradition, both of which continue to inhibit financial innovation. The Variety of Market Design Objectives Market design is becoming a lively eld. There are now, for example, mechanisms in place to help reduce the problem of global warming in an e cient manner, internalizing (making the emitters of greenhouse gases pay for) the damage they cause by contributing to global warming. The “cap and trade” system forces producers of CO2 emissions to buy permits to emit, as measured in certi ed emission reduction (CER) units, on an open market.

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Governments would promise to buy and distribute for free drugs for major diseases, thereby creating market forces to motivate private enterprise to nd drugs that would cure the diseases.2 Ronnie Horesh has proposed “social policy bonds,” issued by governments, that would pay out more if certain social policy objectives were met, thereby creating a nancial incentive for free-market participants to buy the bonds and then figure out how to meet the objectives.3 Market-Design Solutions to Even the Most Personal Problems To appreciate the importance of market design, and how it can really contribute to the good society, it is helpful to think of a very personal problem that creates untold anxiety, yet for which a mechanism can be designed. Consider nding a mate, someone to live with in a close relationship, usually as husband and wife.

Topics in Market Microstructure
by Ilija I. Zovko
Published 1 Nov 2008

Heterogenous composition of order sizes (e.g., almost all trade volume concentrated in one order) on the buy (bid) side, unless balanced by a similarly heterogenous sell (ask) side of the market, produces an imbalance which drives prices up, and vice versa. This effect is preset on both daily and hourly timescales. We show that a quotation market design (off-book or upstairs market), as opposed to a limit order design (on-book or downstairs market), helps limit the price impact of large orders causing the heterogeneity but does not remove it completely. In addition, the impact of a large order is limited in case the trading is done against similarly large orders, regardless of the market design. This fact seems to be at odds with the interpretation of information content of trades, and we propose it may be more liquidity that determines the impact of an order.

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At the LSE, the on-book session is called the SETS (Stock Exchange Electronic Trading System), and the off-book session the SEAQ (Stock Exchange Automated Quotation System). The papers contained in the first two chapters of the thesis focus only on the limit order trade process and use only the on-book data. The last two chapters use also the off-book data and provide a comparison in some aspects of the two market designs. 1.1.1 Trading day For the FTSE 100 stocks, the on-book trading session starts at 8:50 with a 10 minute opening auction. During the auction traders place orders to buy and sell but no execution takes place. Orders are differentiated by their execution priority. For example, limit orders are executed depending on their distance from the resulting clearing price while market orders take priority in execution.

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We also find that the time series of relative limit prices show interesting temporal structure, characterized by an autocorrelation function that asymptotically decays as C(τ ) ∼ τ −0.4 . Furthermore, relative limit price levels are positively correlated with and are led by price volatility. We speculate that this feedback may potentially contribute to clustered volatility. In Chapter 3 (Farmer et al., 2005) we turn our attention to market design and investigate a situation where the constraints imposed by market institutions may dominate strategic behavior of agents. We use the LSE limit order book data to test a simple model in which minimally intelligent agents place orders to trade at random. The model treats the statistical mechanics of order placement, price formation, and the accumulation of revealed supply and demand within the context of the continuous double auction, and yields simple laws relating order arrival rates to statistical properties of the market.

Cogs and Monsters: What Economics Is, and What It Should Be
by Diane Coyle
Published 11 Oct 2021

Economic knowledge certainly accumulates. If we had not learned lessons from the experience of the 1930s, the consequences of the 2008–9 financial crisis would have been far more severe, and governments would not have introduced furlough schemes during the coronavirus lockdowns. If we had not created and learned from market design (defining the rules that make markets work well), far fewer of the apps on our phones could work. There are other important differences between economics and its critics. One is whether it is ever acceptable to put monetary values on intrinsically good things like nature or human life. The economists’ answer is that there are implicit valuations made whenever people make choices about where to build roads or what safety features to require of new products, so is it not better to be explicit about those judgements?

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If the evidence suggests an active government role, economists will recommend it; and indeed in the decade since the GFC there has been a widespread shift in sentiment in this direction. Whatever you think about the approach, the idea of the ‘nudge’, whereby policies recognise psychological realities such as inertia or the effect of how people’s choices are ‘framed’, is one example of a new interventionism. Market design is a vibrant area of economics combining market processes with the deliberate shaping of the rules by which they operate, used in policy areas such as auctions of government bonds or radio spectrum. The experience of the Covid19 pandemic has made massive government economic intervention a reality anyway.

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He argues for excluding medicine from the market—should only the rich be able to buy a kidney or heart? Most Britons, devoted to the more or less free-to-use National Health Service (NHS), agree. Here, though, the difference between values and processes is relevant. Economics Nobel Prize winner Al Roth—someone who has given much thought to what he describes as ‘repugnant’ markets—designed a kidney exchange; no money changes hands, yet it is organised as a market matching suppliers and users. Within just a few years of his innovation, thirty people in New England had received kidneys—without putting a price on them—through this market (Roth, Sönmez, and Ünver 2004; Roth 2007).9 By now, thousands of people around the world have benefited.

The Price Is Wrong: Why Capitalism Won't Save the Planet
by Brett Christophers
Published 12 Mar 2024

Ahead of a cut-off point (usually midday), generators bid the amount of electricity they expect to be able to supply for each day-ahead time period – for instance, the hour beginning at 4:00 a.m. Expected supply and demand determine the market-clearing spot price.44 Prices in electricity spot markets are notoriously volatile, with, as we will see, hugely significant implications. Of course, such a market design poses particular difficulties for solar and wind generators, who are only able to predict their likely supply of power up to thirty-six hours ahead of time to a certain extent. Thus there needs to be one or more mechanisms to enable reconciliation on the day of settlement between the amount of power bid in advance to (and cleared by) the spot market, the amount of power physically delivered when the time comes, and actual demand for electricity at that time.

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The authors of the Blueprint described this approach as ‘using the market, or establishing market-based incentives’.20 As much as anything else, then, Blueprint, and serial other books like it, was in fact a blueprint for a specific mode of understanding and modulating the relationship between society and nature. Berman calls this mode the ‘economic style’, and it quickly became dominant: by the 1990s, Berman says, it ‘pervaded’ Western environmental regulation, calling forth ‘technologies of market design’ in place of ‘technologies of pollution reduction’. The first major initiative constructed on this basis, according to Berman, was the US Acid Rain Program of 1990, which created a national ‘cap-and-trade’ market in pollution credits – earned by producers who emitted less sulphur dioxide than they were permitted – and which has since served as ‘a model for cap-and-trade programs around the world’.21 To be taken seriously today by the powers-that-be, those writing and talking about environmental problems and how to address them have no choice, Berman notes, but to frame those problems explicitly as pricing problems with pricing solutions.

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But the explanation, our analysis suggests, also has a simple economic element. In countries with advanced electricity wholesale markets, gas-fired plants remain in certain respects easier to finance than renewables facilities, even – and the subclause is crucial – if gas-generated electricity is more expensive than renewable power. Market designs help explain why. Given that there is no inherent hedge against price risk for renewables, one would expect it to be the case that extrinsic hedging mechanisms have been explored and, to one extent or another, implemented. Furthermore, insofar as financiers’ concern is specifically with price volatility, one would also expect it to be the case that any such mechanisms have been designed specifically to furnish a measure of price stability.

Economics Rules: The Rights and Wrongs of the Dismal Science
by Dani Rodrik
Published 12 Oct 2015

Three sets of economic ideas in three different areas: the world economy, urban transport, and the fight against poverty. In each case, economists remade part of our world by applying simple economic frameworks to public problems. These examples represent economics at its best. There are many others: Game theory has been used to set up auctions of airwaves for telecommunications; market design models have helped the medical profession assign residents to hospitals; industrial organization models underpin competition and antitrust policies; and recent developments in macroeconomic theory have led to the widespread adoption of inflation targeting policies by central banks around the world.1 When economists get it right, the world gets better.

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The theory of auctions, drawing on abstract game theory, is virtually impenetrable even to many economists.†† Yet it produced the principles used by the Federal Communications Commission to allocate the nation’s telecommunications spectrum to phone companies and broadcasters as efficiently as possible, while raising more than $60 billion for the federal government.18 Models of matching and market design, equally mathematical, are used today to assign residents to hospitals and students to public schools. In each case, models that seemed to be highly abstract and to have few connections with the real world turned out to have useful applications many years later. The good news is that, contrary to common perception, math for its own sake does not get you far in the economics profession.

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Arthur, 32–33 “Life among the Econ” (Leijonhufvud), 9–10 Lincoln, Abraham, 52 Lipsey, Richard, 59 liquidity, 134–35, 155, 185 liquidity traps, 130 locational advantages, 108 London, England, congestion pricing and, 3 Lucas, Robert, 130, 131–32, 134–36 “Machiavelli’s Mistake: Why Good Laws Are No Substitute for Good Citizens” (Bowles), 71n macroeconomics, 39–40, 87, 102, 107, 143, 157n, 181 business cycles and, 125–37 capital flow and, 165–66 classical questions of, 101 demand-side view of, 128–30, 136–37 globalization and, 165–66 Madison, James, 187 Mäki, Uskali, 22n malaria, randomized testing and, 106, 204 Malthus, Thomas, 118 Manchester University, 197 Mankiw, Greg, 149, 150, 171n, 197 manufacturing: economic growth and, 163–64 exchange rate and, 100, 163 income inequality and, 141 marginal costs, 121, 122 marginalist economics, 119–22 marginal productivity, 120–21, 122–25 marginal utility, 121, 122 Mariel boatlift (1980), 57 market design models, 5 “Market for ‘Lemons’, The” (Akerlof), 69n market fundamentalism, 160, 178 markets: asymmetric information in, 68–69, 70, 71 behavioral economics and, 69–71, 104–7, 202–4 economic models and, see models economics courses and, 198 economists’ bias toward, 169–71, 182–83 efficiency in, xiii, 14, 21, 34, 48, 50, 51, 67, 98, 125, 147, 148, 150, 156–58, 161, 165, 170, 192–95, 196 general-equilibrium interactions in, 41, 56–58, 69n, 91, 120 in Great Recession, 156–59 imperfectly competitive types of, 67–69, 70, 136, 150, 162 incentives in, 7, 170, 172, 188–92 institutions and, 98, 161, 202 likely outcomes in, 17–18 multiple equilibria in, 16–17 perfectly competitive types of, 21, 27, 28, 47, 69n, 71, 122, 180 prisoners’ dilemma in, 14–15, 20, 21, 61–62, 187, 200 self-interest in, 21, 104, 158, 186–88, 190 social cooperation in, 195–96 supply and demand in, 13–14, 20, 99, 119, 122, 128–30, 136–37, 170 values in, 186–96 Washington Consensus and, 159–67, 169 Marshall, Alfred, 13n, 32, 119 “Marshallian Cross Diagrams and Their Uses before Alfred Marshall: The Origins of Supply and Demand Geometry” (Humphrey), 13n Marx, Groucho, 26 Marx, Karl, xi, 31, 116, 118 Massachusetts, University of (Amherst), 77 Massachusetts Institute of Technology (MIT), 107, 108, 165, 206 mathematical economics, 35 mathematical optimization, 30, 101, 202–3 mathematics: economic models and, 29–37, 47 social sciences and, 33–34 Maxwell’s equations, 66n Meade, James, 58 methodological individualism, 181 Mexico: antipoverty programs in, 3–4, 105–6 globalization and, 141, 166 microeconomics, 125–26, 131 microfounded models, 101 Miguel, Ted, 106–7 Milan, Italy, congestion pricing and, 3 Milgrom, Paul, 36n minimum wages, employment and, 17–18, 28n, 114, 115, 124, 143, 150, 151 Minnesota, University of, 131 Mishel, Lawrence, 124n models: authority and criticism of, 76–80 big data and, 38–39, 40 causal factors and, 40–41, 85–86, 99–100, 114–15, 179, 184, 200, 201, 204 coherent argument and clarity in, 80–81 common sense in, 11 comparative advantage principle and, 52–55, 58n, 59–60, 139, 170 compensation for risk and, 110 computers and, 38, 41 contextual truth in, 20, 174 contingency and, 25, 145, 173–74, 185 coordination and, 16–17, 42, 200 critical assumptions in, 18, 26–29, 94–98, 150–51, 180, 183–84, 202 criticisms of, 10–11, 178, 179–85 decision trees and, 89–90, 90 diagnostic analysis and, 86–93, 90, 97, 110–11 direct implications and, 100–109 dual economy forms of, 88 efficient-markets hypothesis and, 156–58 empirical method and, xii, 7, 46, 65, 72–76, 77–78, 137, 173–74, 183, 199–206 endogenous growth types of, 88 experiments compared with, 21–25 fables compared with, 18–21 field experiments and, 23–24, 105–8, 173, 202–5 general-equilibrium interactions and, 41, 56–58, 69n, 91, 120 goods and services and, 12 Great Recession and, 155–59 horizontal vs. vertical development and, 64n, 67, 71 hypotheses and, 46, 47–56 imperfectly competitive markets and, 67–69, 70, 136, 150, 162 incidental implications and, 109–11 institutions and, 12, 98, 202 intuition and, 46, 56–63 Keynesian types of, 40, 88, 101, 102, 127–30, 131, 133–34, 136–37 knowledge and, 46, 47, 63–72 main elements of, 31 mathematics and, 29–37, 47 neoclassical types of, 40, 88, 90–91, 121, 122 new classical approach to, 130–34, 136–37 parables and, 20 partial-equilibrium analysis and, 56, 58, 91 perfectly competitive markets and, 21, 27, 28, 47, 69n, 71, 122, 180 predictability and, 26–28, 38, 40–41, 85, 104, 105, 108, 115, 132, 133, 139–40, 184–85, 202 principle-agent types of, 155 questions and, 114–16 rationality postulate and, 202–3 real world application of, 171–72 rules of formulation in, 199–202 scale economy vs. local advantage in, 108 scientific advances by progressive formulations of, 63–72 scientific character of, 45–81 second-best theory and, 58–61, 163–64, 166 selection of, 83–112, 136–37, 178, 183–84, 208 simplicity and specificity of, 11, 179–80, 210 simplicity vs. complexity of, 37–44 social reality of, 65–67, 179 static vs. dynamic types of, 68 strategic interactions and, 61–62, 63 of supply and demand, 3, 13–14, 20, 99, 119, 122, 128–30, 136–37 theories and, 113–45 time-inconsistent preferences in, 62–63 tipping points arising from, 42 in trade agreements, 41 unrealistic assumptions in, 25–29, 180–81 validity of, 23–24, 66–67, 112 variety of, 11, 12–18, 26, 68, 72, 73, 114, 130, 198, 202, 208, 210 verbal vs. mathematical types of, 34 verification in selection of, 93–112 see also economics; macroeconomics; markets “Models Are Experiments, Experiments are Models” (Mäki), 22n monetary policies, 87 monopolies, 161 in imperfectly competitive markets, 67–68 in perfectly competitive markets, 122 price controls and, 28, 94–97, 150 Montesquieu, Charles-Louis de Secondat, Baron de La Brède et de, 196 mortality rates, 206 mortgage-backed securities, 155 mortgage finance, 39, 155 mosquito nets, randomized testing of, 106, 204 “Mr.

Roads and Bridges
by Nadia Eghbal

From a functional perspective, the vast majority of open source contributors are developers, but plenty of other roles are needed to sustain larger projects, including writing, project management, and outreach. Open source projects are not dissimilar from other types of organizations, including startups, where administration, marketing, design, and other roles are needed to support an organization’s raw output. It is partially because open source culture is so heavily weighted to developers that sustainability is rarely discussed or acted upon. Finally, the homogeneity of open source contributors impacts diversity efforts in technology at large, because it is so closely tied to hiring.

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Digital infrastructure is distributed across hundreds of projects, large and small, built by individuals, groups and companies; it would be a behemoth task to catalog them all. It's hard to find funding...for the average developer (me) some of them are totally out of reach. [Kickstarter] only works if you either go viral or hire someone to do all of the marketing/design/promotions….Turning a project into a business is great too, but...these are all things that take away from development (which is the part I like to focus on). If I wanted to get a grant, I wouldn't even know where to start.[149] - Kyle Kemp, freelance developer and open source contributor Institutional efforts to support digital infrastructure There are some institutional efforts to collectively organize and help support open source projects.

Reinventing Capitalism in the Age of Big Data
by Viktor Mayer-Schönberger and Thomas Ramge
Published 27 Feb 2018

Of course, the cost of not always achieving maximum overall welfare is a small price to pay in return for the vast relative improvement that we get through the individual matching processes, thanks to the shift to data-richness. However, for some very specific types of transactions, especially those that have huge consequences beyond the immediate transaction partners (economists call this “externalities”), we may want to apply lessons from existing markets that must function without price. They work through clever market design combined with a different type of matching algorithm. Think, for example, of choosing which patient gets a donor kidney. Donor kidneys aren’t sold (at least legally, although some economists have suggested they should be), so preferences can’t be condensed and simplified into a stated price. In such markets, a central clearinghouse often collects preference information from all market participants and uses advanced matching algorithms to connect suitable market participants to transact.

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We foresee a time when one marketplace after another will reinvent itself using the advances in technology and the concepts we have outlined. The change is already under way. But it won’t be a simple, swift, or linear transition. As marketplaces are innovating, they will have to experiment to discover the right combination of technology and market design that suits the needs of their participants. But once a money-based marketplace has turned itself into a data-rich one, a marketplace built on multidimensional information streams, enhanced by preference-matching algorithms and machine learning, there will be no turning back. We can already see such a development unfold in a market that serves as a guinea pig for reinvention—the market for love.

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Roth and Elliott Peranson, “The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design,” American Economic Review 89, no. 4 (September 1999), 748–780. two of the world’s leading experts in matching: Alvin E. Roth, Who Gets What—and Why: The New Economics of Matchmaking and Market Design (New York: Houghton Mifflin Harcourt, 2015); see also David S. Evans and Richard Schmalensee, Matchmakers: The New Economics of Multisided Platforms (Cambridge: Harvard Business Review Press, 2016). algorithm predicted which team would win: Tim Adams, “Job Hunting Is a Matter of Big Data, Not How You Perform at an Interview,” Observer, May 10, 2014, https://www.theguardian.com/technology/2014/may/10/job-hunting-big-data-interview-algorithms-employees; Sue Tabbitt, “Forget Myers-Briggs: Algorithms Can Better Predict Team Chemistry,” Guardian, May 27, 2016, https://www.theguardian.com/small-business-network/2016/may/27/forget-myers-briggs-algorithms-predict-team-chemistry.

A Little History of Economics
by Niall Kishtainy
Published 15 Jan 2017

Even though it doesn’t involve buying and selling, kidney exchange is like a market in the sense that it allows people to swap things with each other. When Roth set up his database and computer programmes he created something similar to a market where none existed before. It’s an example of a new field of economics known as ‘market design’. Most of us will never need to get hold of a kidney, of course. A really famous example of market design – one to do with the mobile phones in our pockets – affects many more of us, and in contrast to kidney exchange it involved buyers paying huge sums of money to sellers. In the 1990s and 2000s, governments hired economists to help sell licences to companies who wanted to use the radio spectrum to set up mobile phone networks.

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(i), (ii) Kerala (India) (i) Keynes, John Maynard (i), (ii), (iii), (iv), (v), (vi) Keynesian theory (i), (ii), (iii) Klemperer, Paul (i) Krugman, Paul (i), (ii) Kydland, Finn (i), (ii) labour (i) in ancient Greece (i) and market clearing (i) women as unpaid (i) labour theory of value (i), (ii) laissez-faire (i) landowners (i), (ii), (iii) Lange, Oskar (i) law of demand (i), (ii) leakage of spending (i) Lehman Brothers (i) leisure class (i) leisured, women as (i) Lenin, Vladimir Ilyich (i), (ii) Lerner, Abba (i) Lewis, Arthur (i) Lincoln, Abraham (i) List, Friedrich (i) loss aversion (i) Lucas, Robert (i), (ii) MacKay, Charles (i) Macmillan, Harold (i) macro/microeconomics (i) Malaysia, and speculators (i) Malthus, Thomas (i), (ii), (iii) Malynes, Gerard de (i), (ii) manufacturing (i), (ii) division of labour (i) see also Industrial Revolution margin (i) marginal costs (i), (ii) marginal principle (i), (ii), (iii) marginal revenue (i) marginal utility (i), (ii) market, the (i) market clearing (i) market design (i) market failure (i), (ii), (iii), (iv) ‘Market for Lemons, The’ (Akerlof) (i) market power (i) markets, currency (i), (ii) Marshall, Alfred (i), (ii), (iii), (iv), (v) Marx, Karl (i), (ii), (iii), (iv), (v), (vi), (vii) Marxism (i) mathematics (i), (ii), (iii) means of production (i) mercantilism (i), (ii) Mesopotamia (i) Mexico, pegged currency (i) micro/macroeconomics (i) Microsoft (i) Midas fallacy (i) minimum wage (i) Minsky, Hyman (i) Minsky moment (i), (ii) Mirabeau, Marquis de (i), (ii), (iii) Mises, Ludwig von (i), (ii), (iii), (iv) mixed economies (i), (ii) Mobutu Sese Seko (i) model villages (i) models (economic) (i), (ii), (iii), (iv) modern and traditional economies (i), (ii) monetarism (i) monetary policy (i), (ii) money (i), (ii), (iii), (iv), (v), (vi) see also coins; currency money illusion (i) money wages (i) moneylending see usury monopolies (i), (ii) monopolistic competition (i), (ii) monopoly, theory of (i) monopoly capitalism (i), (ii), (iii) monopsony (i) moral hazard (i), (ii) multiplier (i) Mun, Thomas (i), (ii), (iii) Muth, John (i) Nash, John (i), (ii) Nash equilibrium (i) national income (i), (ii), (iii), (iv), (v) National System of Political Economy (List) (i) Nelson, Julie (i) neoclassical economics (i) net product (i) Neumann, John von (i) New Christianity, The (Saint-Simon) (i) new classical economics (i) New Harmony (Indiana) (i) New Lanark (Scotland) (i) Nkrumah, Kwame (i), (ii) non-rival good (i) Nordhaus, William (i), (ii) normative economics (i), (ii) Obstfeld, Maurice (i) Occupy movement (i) oligopolies (i) opportunity cost (i), (ii) organ transplant (i) output per person (i) Owen, Robert (i) paper money (i), (ii) Pareto, Vilfredo (i) pareto efficiency (i), (ii) pareto improvement (i) Park Chung-hee (i) partial equilibrium (i) pegged exchange rate (i) perfect competition (i), (ii), (iii), (iv), (v) perfect information (i) periphery (i) phalansteries (i) Phillips, Bill (i) Phillips curve (i), (ii), (iii), (iv), (v), (vi), (vii) physiocracy (i), (ii) Pigou, Arthur Cecil (i), (ii), (iii) Piketty, Thomas (i), (ii), (iii) Plato (i), (ii), (iii) policy discretion (i) Ponzi, Charles (i) Ponzi finance (i) population and food supply (i), (ii), (iii) of women (i) positive economics (i) poverty (i), (ii), (iii), (iv), (v) in Cuba (i) Sen on (i) and utopian thinkers (i) Prebisch, Raúl (i) predicting (i) Prescott, Edward (i), (ii) price wars (i), (ii) primary products (i) prisoners’ dilemma (i) private costs and benefits (i) privatisation (i) productivity (i), (ii), (iii) profit (i), (ii), (iii), (iv) and capitalism (i), (ii) proletariat (i), (ii) property (private) (i), (ii), (iii), (iv), (v) and communism (i), (ii), (iii), (iv) protection (i), (ii), (iii) provisioning (i) public choice theory (i) public goods (i) quantity theory of money (i) Quesnay, François (i) Quincey, Thomas de (i), (ii) racism (i) Rand, Ayn (i) RAND Corporation (i), (ii) rate of return (i), (ii) rational economic man (i), (ii), (iii), (iv), (v) rational expectations (i), (ii), (iii), (iv), (v) real wages (i), (ii), (iii) recession (i) and governments (i), (ii), (iii) Great Recession (i) Keynes on (i), (ii) Mexican (i) redistribution of wealth (i) reference points (i) relative poverty (i) rent on land (i), (ii), (iii) rents/rent-seeking (i) resources (i), (ii) revolution (i), (ii), (iii), (iv) Cuban (i) French (i), (ii), (iii), (iv) Russian (i), (ii) Ricardo, David (i), (ii), (iii) risk aversion (i) Road to Serfdom, The (Hayek) (i) robber barons (i) Robbins, Lionel (i) Robinson, Joan (i) Roman Empire (i) Romer, Paul (i) Rosenstein-Rodan, Paul (i) Roth, Alvin (i), (ii) rule by nature (i) rules of the game (i) Sachs, Jeffrey (i) Saint-Simon, Henri de (i) Samuelson, Paul (i), (ii) savings (i), (ii) and Say’s Law (i) Say’s Law (i) scarcity (i), (ii), (iii), (iv), (v), (vi) Schumpeter, Joseph (i), (ii) sealed bid auction (i) second price auction (i) Second World War (i) securitisation (i) self-fulfilling crises (i) self-interest (i) Sen, Amartya (i), (ii) missing women (i), (ii), (iii) services (i) shading bids (i), (ii) shares (i), (ii), (iii), (iv), (v), (vi) see also stock market Shiller, Robert (i), (ii) signalling (i) in auctions (i) Smith, Adam (i), (ii), (iii), (iv), (v) social costs and benefits (i) Social Insurance and Allied Services (Beveridge) (i) social security (i), (ii) socialism (i), (ii), (iii), (iv), (v) socialist commonwealth (i) Socrates (i) Solow, Robert (i) Soros, George (i), (ii), (iii) South Africa, war with Britain (i) South Korea, and the big push (i) Soviet Union and America (i) and communism (i), (ii) speculation (i) speculative lending (i) Spence, Michael (i) spending government (fiscal policy) (i), (ii), (iii), (iv), (v), (vi), (vii) and recessions (i), (ii) and Say’s Law (i) see also investment stagflation (i), (ii) Stalin, Joseph (i) standard economics (i), (ii), (iii), (iv) Standard Oil (i) Stiglitz, Joseph (i) stock (i) stock market (i), (ii), (iii), (iv), (v) stockbrokers (i) Strassmann, Diana (i), (ii) strategic interaction (i), (ii) strikes (i) subprime loans (i) subsidies (i), (ii) subsistence (i) sumptuary laws (i) supply curve (i) supply and demand (i), (ii), (iii), (iv) and currencies (i) and equilibrium (i), (ii) in recession (i), (ii), (iii) supply-side economics (i) surplus value (i), (ii) Swan, Trevor (i) tariff (i) taxes/taxation (i) and budget deficit (i) carbon (i) and carbon emissions (i) and France (i) and public goods (i) redistribution of wealth (i) and rent-seeking (i) technology as endogenous/exogenous (i) and growth (i) and living standards (i) terms of trade (i) Thailand (i) Thaler, Richard (i) theory (i) Theory of the Leisure Class, The (Veblen) (i) Theory of Monopolistic Competition (Chamberlain) (i) Thompson, William Hale ‘Big Bill’ (i) threat (i) time inconsistency (i), (ii) time intensity (i) Tocqueville, Alexis de (i) totalitarianism (i) trade (i), (ii), (iii) and dependency theory (i) free (i), (ii), (iii) trading permit, carbon (i) traditional and modern economies (i), (ii) transplant, organ (i) Treatise of the Canker of England’s Common Wealth, A (Malynes) (i) Tversky, Amos (i), (ii) underdeveloped countries (i) unemployment in Britain (i) and the government (i) and the Great Depression (i) and information economics (i) and Keynes (i) and market clearing (i) and recession (i) unions (i), (ii) United States of America and free trade (i) and growth of government (i) industrialisation (i) and Latin America (i) Microsoft (i) recession (i), (ii) and the Soviet Union (i) and Standard Oil (i) stock market (i) wealth in (i) women in the labour force (i) unpaid labour, and women (i) usury (i), (ii), (iii) utility (i), (ii), (iii), (iv) utopian thinkers (i), (ii) Vanderbilt, Cornelius (i), (ii) Veblen, Thorstein (i), (ii), (iii) velocity of circulation (i), (ii) Vickrey, William (i) wage, minimum (i) Walras, Léon (i) Waring, Marilyn (i) wealth (i) and Aristotle (i), (ii) and Christianity (i) Piketty on (i) and Plato (i) Smith on (i) Wealth of Nations, The (Smith) (i), (ii) welfare benefits (i), (ii), (iii), (iv) welfare economics (i) Who Pays for the Kids?

Mastering Prezi for Business Presentations
by Russell Anderson-Williams
Published 24 Jul 2012

These could be your company departments or products. Sales Events My business Marketing Training [ 74 ] Chapter 4 3. Then focus on one sub heading at a time and write any key information you can think of around that. Again link each point back to its heading with arrows or lines. My business Marketing Design Social Media Corporate logo Style Twitter FB LinkedIn 4. Keep repeating these steps until you have either ran out of things to write, or you've found the key points to explain in your Prezi. Try to avoid using ruled paper as it may encourage you to start writing a list instead of a Mind Map. 5.

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Once you identify the key points that need to be presented in your Prezi, underline them or highlight them in some way so that they stand out from everything else. 6. For each of the key points, try to think of an image that will help visualize it and do a quick sketch of the image. It doesn't have to be a work of art! My business Marketing Design Social Media LinkedIn [ 75 ] Corporate logo Approaching Your Prezi Design If you aren't familiar with the Mind Mapping technique, then try to go through the preceding steps as many times as you can, and for as many subjects as you can think of. This form of mental exercise will help you think in the right way for Prezi, and will also help your brain make connections between the text and imagery on your map.

The Elements of Choice: Why the Way We Decide Matters
by Eric J. Johnson
Published 12 Oct 2021

(Ironically, this would make him one of the students responsible for lowering Van Buren’s graduation rate.) Years later, after getting his doctorate, he became one of the world’s leading experts in market design, a phrase that economists use to describe cases where players in a market, like schools and students, must figure out how to get the best possible match.2 For example, Roth redesigned the nationwide system that is used every year to match more than forty thousand medical students to hospital residencies in almost all specialties, using principles from the economics of market design. When Roth got the phone call asking if he would apply the concepts of a matching market to the New York City high school admissions system, it seemed like a natural fit.

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(TV show), 70–72, 75 Johns Hopkins University, 186 Kahneman, Daniel, 139–40 Kang, Arum, 46–47 Kearns, Alexander, 283, 289–90, 350n Kedem, Assaf, 45–48, 103–4 kidney donors, 108–9, 338n Kienen, Anat, 140 Kipchoge, Eliud, 245–46 Klotz, Leidy, 247–48 Knetsch, Jack, 139–40 Krosnick, Jon, 187, 190 Kuhn, Gustav, 305 Kunreuther, Howard, 131–32 LaGuardia Airport, 21 larger-later outcome, 34–35, 37, 38 Larrick, Rick, 224–29, 234–35 Lauren’s Law, 339n lay theory, 301–2 LEDs (light-emitting diodes), 254 Lee, Kee Yeun, 50–51 LEED (Leadership in Energy and Environment Design), 248–49 Letterman, David, 4 Levin, Irwin, 59–62 Li, Ye, 67 Lichtenstein, Sarah, 101–2 life expectancy, 76–81, 136 annuities, 79–81, 336n Social Security benefits, 88–98 life-extension care, 310–13 light bulbs, 136–38, 254–55 load shedding, 23–24, 27, 28, 44, 61 local warming, 67–68 Loewenstein, George, 174–75 London Zoo, 57 loss aversion, 346n Lotz, Sebastian, 134–35, 143, 144–45 Lui, Kaiya, 136–37 Lulu, 204 lumens, 254 Lyft, 323 Lynch, John, 213–14 malicious choice architecture, 15–19, 314–18 Apple’s ad tracking, 16–18 dark patterns, 18–19, 81, 127–29, 267, 315 life expectancy and financial decisions, 79–80 sludge, 18–19, 267 Verizon’s privacy setting, 315–16 mandated-choice condition, 112–13 Mandel, Naomi, 65–66 marathon runners and target times, 245–47, 247 market design, 162–63 market makers, 288, 289, 350n Martin Van Buren High School, 162 mass defaults, 150–52, 154–55, 275 Match.com, 45 matching markets, 162–63 Mathematica, 212–13 McCabe, Jenny, 272 Mellers, Barbara, 352n Meloy, Margaret, 194–95 mentalists, 55–57, 302–5 mental priming force, 304–5, 320 menu calories, 237–38 menu design, 192–94, 214–20, 345n, 346n menu psychology, 215–19 Meszaros, Jacqueline, 131–32 meta-analysis, 13, 142–46, 167 health insurance, 179–80, 181–82 metrics, 164, 238–40 making meaningful, 250–59 scaling, 260–63 straight line, 240–44 targets, 245–50 Microsoft Bing, 18 computer mice, 231–32 miles per gallon (MPG), 223–29, 227 fuel economy labels, 232, 232–35, 233 Millennium High School, 169 mind writing, 57, 58, 305 “moral algebra,” 74 movie choices, 1, 202–5, 267 Netflix, 267–73 MPG illusion, 225–28, 230 Mullainathan, Sendhil, 104–5 Music Genome Project, 277 “mystery shoppers,” 104 National Bureau of Economic Research (NBER), 196–99 National Public Radio, 315 negative options, 127 neglect, 148, 308–14, 322–23 end-of-life decisions, 310–13 Netflix, 267–73 Netherlands and organ donation, 110, 113–14, 115 newspaper subscriptions, 314–15 New York City restaurant grades, 254 salt content labels, 256–59, 258 school choice, 159–60, 162–66, 168–69, 182–83 taxis and tipping, 12, 128–29 New York City Taxi and Limousine Commission, 12 New York High School Directory, 163–66, 168 New York–Presbyterian Hospital, 107–8 New York Times, 17–18, 245, 290 “Vows” section, 44–45 New York University, 200 NFL draft books, 230 Nike Vaporfly, 245 no-action defaults.

California Burning: The Fall of Pacific Gas and Electric--And What It Means for America's Power Grid
by Katherine Blunt
Published 29 Aug 2022

Staff of the grid operator, the CPUC, the legislature, and the utilities bickered almost every week about how the market should function. It was supposed to open in January 1998. Come the New Year, it was nowhere near ready. It wasn’t for lack of effort. The Power Exchange had a small but mighty staff that worked long hours to hone the market design. They ran simulations in the spring, only to find the software full of glitches. The system kept crashing. It took weeks to scare out the bugs. The pieces finally fell into place late one Sunday night in March. Sladoje made some calls. It was ready. The Power Exchange began processing trades on the last day of the month.

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Most any deal needed the support of the Federal Energy Regulatory Commission, which had assumed oversight of wholesale power markets during deregulation. But FERC was hesitant to take a stand. Momentum toward deregulation had started with the federal government, which had allowed states to test different market designs. Regulators feared that intervening in the California crisis would tar the sanctity of the states’ free-market experiments. And they were caught between two administrations as President Bill Clinton handed the reins to George W. Bush, who, as governor of Texas, had supported a sweeping deregulation effort there.

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This time, the CPUC would allow the utilities to lock in prices with long-term electricity contracts. The crisis was a lesson in what not to do in overhauling the provision of a critical service. In moving so quickly to restructure the entire industry, lawmakers and regulators failed to anticipate the sorts of contingencies that could seriously stress their peculiar market design. More than a dozen other states pumped the brakes on their own deregulation efforts, hesitant to unleash the forces of competition after watching them devour California. The result was a patchwork of wholesale markets across the United States, all with different designs and degrees of regulation.

A Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation
by Richard Bookstaber
Published 5 Apr 2007

From the structural design of buildings and bridges, to the operation of oil refineries or power plants, to the safety of automobiles and airplanes, we learned our lessons. In contrast, financial markets have seen a tremendous amount of engineering in the past 30 years but the result has been more frequent and severe breakdowns. These breakdowns come about not in spite of our efforts at improving market design, but because of them. The structural risk in the financial markets is a direct result of our attempts to improve the state of the financial markets; its origins are in what we would generally chalk up as progress. The steps that we have taken to make the markets more attuned to our investment desires—the ability to trade quickly, the integration of the financial markets into a global whole, ubiquitous and timely market information, the array of options and other derivative instruments—have exaggerated the pace of activity and the complexity of financial instruments that makes crises inevitable.

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When the market ideals collide with the real world, with individuals who are not in control of full information, with institutions that do not act quickly or necessarily in anyone’s best interest, the result is like taking a race car for a spin off-road. In the face of progress and technological advances that have resulted in stability on many fronts, financial markets, designed to provide a mechanism for managing and addressing economic risk, have developed a structure that has made them inherently more risky. The irony is that this structure has features that at face value are desirable, in some cases approaching the essential elements of the ideal. As with many ideals, its origin is in academia, in this case a theoretical framework that underpins a half-century of work in financial economics called the perfect market paradigm.

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The more closely we try to follow the ideal, thereby adding complexity and more tightly coupling the actions of the market, the more frequently crises will occur. Attempts at that point to add safety features, to layer on regulations and safeguards, will only add to the complexity of the system and make the accidents more frequent. And when blowups happen in the future I can guarantee that the focus will be directed improperly: not at the issues of market design but at hedge funds where the events are observed. They will be implicated for the simple reason that they are engulfing more and more of the risk-taking landscape. The perception of hedge funds being what it is, they will take the blame and become subject to increased regulation. But blaming hedge funds is a little bit like The Simpsons episode in which a meteorite hits Springfield and the townspeople gather, shouting, “Let’s burn down the observatory so this never happens again!”

Growth Hacker Marketing: A Primer on the Future of PR, Marketing, and Advertising
by Ryan Holiday
Published 2 Sep 2013

That’s what we’re going to study in this book. The Rise of the Growth Hacker Since Hotmail, many others—particularly in the tech space—have begun to push and break through the limits of marketing. With a mind for data and a scrappy disregard for the “rules,” they have pioneered a new model of marketing designed to utilize the many new tools that the Internet has made available: E-mail. Data. Social media. Lean methodology. Almost overnight, this breed has become the new rock stars of the Silicon Valley. You see them on the pages of TechCrunch, Fast Company, Mashable, Entrepreneur, and countless other publications.

Empirical Market Microstructure: The Institutions, Economics and Econometrics of Securities Trading
by Joel Hasbrouck
Published 4 Jan 2007

The attributes of liquidity just discussed are generally enhanced, and individual agents can trade at lower cost, when the number of participants increases. This force favors market consolidation, the concentration of trading activity in a single mechanism or venue. Differences in market participants (e.g., retail versus institutional investors), however, and innovations by market designers militate in favor of market segmentation (in this context, usually called fragmentation). The number of participants in a security market obviously depends on features of the security, in addition to the trading mechanism. If the aggregate value of the underlying assets is high; if value-relevant information is comprehensive, uniform, and credible; or if the security is a component of an important index, there will be high interest in trading the security.

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Solve for the model parameters (α, β, µ, λ) in terms of the inputs, σu2 , 0 , and γ. It turned out that the Bank Leu orders originated from a New York investment banker, Dennis Levine, who subsequently pleaded guilty to insider trading (see Stewart (1992)). 7.2 Multiple Rounds of Trading A practical issue in market design is the determination of when trading should occur. Some firms on the Paris Bourse, for example, trade in twice-per-day call auctions, others continuously within a trading session. What happens in the Kyle model as we increase the number of auctions, ultimately converging to continuous trading?

Infotopia: How Many Minds Produce Knowledge
by Cass R. Sunstein
Published 23 Aug 2006

Government projections are greatly disputed, and some of them might well be self-serving. Prediction markets might provide more reliable estimates.54 3. Regulators might be concerned about the likely risks of a new disease, or of an old disease that seems to be growing in magnitude. To assess the risks, they might create a prediction market designed to project the 132 / Infotopia 4. 5. 6. 7. number of deaths that will be attributed to, for example, flu or mad cow disease over a specified period. Federal and state agencies monitor a range of institutions to ensure that they are solvent.55 One problem is that such agencies do not know whether insolvencies are likely to be many or few in a particular year; another is that the solvency of particular institutions can be difficult to predict in advance.

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A prediction market might be used to make forecasts about the future progress of the disease.57 Such markets might generally be used to make forecasts about the likely effects of development projects, such as those involving vaccinations and mortality reductions.58 The Central Intelligence Agency might want to know about the outcome of elections in Iraq, or the likelihood of a feared event in the Middle East. The CIA might create an internal prediction market, designed to aggregate the information held by its own employees. The White House might seek to predict the likelihood and magnitude of damage from natural disasters, including tornadoes and earthquakes. Accurate information could greatly assist in advance planning. Prediction markets could easily be created to help in that task.

It Doesn't Have to Be Crazy at Work
by Jason Fried and David Heinemeier Hansson
Published 1 Oct 2018

Customers remained thrilled with our fast service—which was a bit slower than before but still way ahead of the industry—and our team chilled out and did better work. Win-win. Not only was it enough, it was plenty. Worst Practices Every mature industry is drowning in best practices. There are best practices about how to price a product, conduct employee reviews, do content marketing, design a website, or make an app scalable to millions of users. There’s no end to advice claiming to be the best. Yet so much of it is not merely bullshit but quite possibly the worst thing you could do. What counts as the best practice for a company of 10,000 is very rarely so for a company of 10.

Beyond the 4% Rule: The Science of Retirement Portfolios That Last a Lifetime
by Abraham Okusanya
Published 5 Mar 2018

Drawdown, managed using safe withdrawal rate strategies, sits at the other end in the probability-based camp. There’s a range of products and strategies sitting in between – some with features of both schools. A small number of hybrid or blended retirement income products are available in the market, designed to give clients the best of both worlds. This is achieved by combining two or more products, (eg annuities) to provide essential income and drawdown for discretionary income. Decisions, Decisions Now you understand the two main retirement income philosophies, which one chimes with you the most?

Paris Like a Local
by Dk Eyewitness

Bar Hemingway ///compiled.edges.opens Bar Hemingway is named in the writer’s honour – a place where he drank 51 martinis in a row to celebrate Paris’s liberation after WWII. Moulin Rouge ///enforced.takes.sling In the early 20th century, many people visited the Moulin Rouge for easily obtainable absinthe and opium as much as for the shows. g Contents SHOP Scouting the best produce at an open-air market, designing your own scent, hunting for one-of-a-kind outfits – shopping is one of life’s simple pleasures in Paris. g Contents SHOP Gourmet Treats Beloved Markets Home Touches Books and Stationery Street Style Beauty Buys Take a Tour: An afternoon of haute couture g SHOP g Contents Gourmet Treats Foodie fans with a finesse for fine dining, Parisians are never short of quality produce in their cuisine.

Platform Revolution: How Networked Markets Are Transforming the Economy--And How to Make Them Work for You
by Sangeet Paul Choudary , Marshall W. van Alstyne and Geoffrey G. Parker
Published 27 Mar 2016

At the time of the sale, 70 percent of all eBay auctions accepted PayPal, and roughly 25 percent of closed auction purchases were transacted using the payment service. Today, PayPal produces a major portion of eBay’s revenues and profits while enabling hundreds of thousands of small merchants to conduct business online more easily, efficiently, and profitably than ever before. THE HEART OF PLATFORM MARKETING: DESIGNING FOR VIRAL GROWTH As the PayPal story suggests, building a platform business differs from traditional product or pipeline marketing in a number of ways. For starters, in the world of platform marketing, pull strategies rather than push strategies are most effective and important. The industrial world of pipelines relies heavily on push.

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These are endemic in network markets, since, as we’ve seen when examining network effects, the spillover benefits users generate are a source of platform value. Understanding this forces a shift in corporate governance from a narrow focus on shareholder value to a broader view of stakeholder value. Market designer and Nobel Prize-winning economist Alvin Roth described a model of governance that uses four broad levers to address market failures.19 According to Roth, a well-designed market increases the safety of the market via transparency, quality, or insurance, thereby enabling good interactions to occur.

The Economics of Enough: How to Run the Economy as if the Future Matters
by Diane Coyle
Published 21 Feb 2011

The experimental research has also shed much light on the way the rules of engagement in markets affect the prices and quantities. This literature has led to the creation of a discipline of market design. Governments have been able to sell assets for which it would once have been hard to conceive of a market—radio spectrum, for example, or permission to emit pollutants like sulphur dioxide or carbon. Market design can also improve the way government licenses are issued and sold, the way regulations are imposed, or even the way trading can occur on financial markets. In short, it acknowledges that markets are designed, and this can either be accidental or more deliberate.

Green Tyranny: Exposing the Totalitarian Roots of the Climate Industrial Complex
by Rupert Darwall
Published 2 Oct 2017

Gulf Coast Conventional Gasoline spot price was during the post-Lehman financial crisis, when investors sought refuge in real assets, and the price doubled in 14 days.9 Even this panic-induced volatility is slight compared to what is experienced in the wholesale electricity market as a matter of course, where there can be a difference of up to four orders of magnitude (1 to 10,000) between the high and low hourly prices in a typical year.10 Wholesale prices drive both short-term scheduling decisions on which generators should supply electricity in response to changes in demand (the merit order curve) and long-term investment decisions. “Heterogeneity of electricity has not only shaped market design but also technology development,” Hirth observes. For homogenous goods, one single production technology is typically efficient. In electricity generation, there is a set of generation technologies that are efficient. “Base load” plants have high investment, but low variable costs; this is reversed for “peak load” plants.

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At 30 percent penetration, the curse of intermittency means the value of electricity from wind farms is worth only half that if wind were stable and nonintermittent, and the wholesale price of electricity—one received by coal and gas-fired power stations—falls to zero for 1,000 hours a year, representing 28 percent of the electricity produced by wind farms.23 Solar’s value decline is even steeper because it is more peaky. Compared to a steady source, solar PV’s value is halved before it achieves a 15 percent market share.24 These results are not a function of market design, which could be rectified by a few tweaks here and there, Hirth notes. Rather they are a direct consequence of the inescapable characteristics of wind and solar generation.25 In the real world, Hirth finds that wind and solar generators produce disproportionately more power in regions of low electricity prices and produce disproportionately more power at times of low electricity prices.26 At the then-prevailing €68 ($76) per MWh cost of windpower, Hirth estimates wind’s optimal share of the Northwest European market to be around 2 percent.27 Solar is a lot worse.

The Innovation Illusion: How So Little Is Created by So Many Working So Hard
by Fredrik Erixon and Bjorn Weigel
Published 3 Oct 2016

Companies exposed to competition are always vulnerable to change, and when they become focused on finance rather than market contestability, they need to find other ways of protecting the boundaries of the firm and their market positions. That protection is increasingly about playing zone or company-to-company defense of markets. Those that have been around in corporate life know that, aside from specialization, there are several ways to do that. They include lobbying, branding, marketing, design, and incremental changes in products that give the pretense of development. Corporate social responsibility (CSR) and general public relations campaigns emerged later but are today part of the same toolbox. Together they all help to create customer loyalty and political protection. What used to be the icing on the cake – activities to support innovations and real business competition – have become more important than innovation itself to combat competitors.

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In the production of a typical German car, for example, foreign value added increased from 21 percent in 1995 to 34 percent in 2008.44 A more famous example, from the really fragmented electronics sector, is Apple’s music player, the iPod.45 While an iPod – just like an iPhone – is “made in China,” only about 2 percent of the value added of an iPod is captured by China. In other words, 98 percent of the value of this particular export is generated abroad. The United States – where Apple has its headquarters and invests in marketing, design, R&D, and more – takes between one-third and one-half of the iPod value added. This is a familiar situation for many countries. East Asia’s magnificent rise in trade, for example, is closely tied to trade in global production networks, but the richer they have grown, the more important it has become to capture a larger part of the value-added content of traded goods.46 In Europe, too, the rise of cross-border production networks has transformed production and trade.

The Myth of the Rational Market: A History of Risk, Reward, and Delusion on Wall Street
by Justin Fox
Published 29 May 2009

The study of finance was replete with experimental possibilities. When one designs a market experiment, it’s possible to know with certainty the intrinsic, fundamental value of the securities being traded. More often than not, in the markets designed by Smith, Plott, and others, prices converged toward that value—but not always. Bubbles developed; markets failed. Much depended on the rules that governed the market, and the greatest impact of experimental economics has been on market design. Plott had even grander ambitions. During an academic year spent at the University of Chicago in the late 1970s, he asked Eugene Fama for advice on testing his efficient market hypothesis in an experimental setting.

Taming the Sun: Innovations to Harness Solar Energy and Power the Planet
by Varun Sivaram
Published 2 Mar 2018

The other market would be for variable power from unpredictable generators, such as solar and wind, which cannot guarantee their output.50 Prominent energy analyst Michael Liebreich argues that the difference in prices between the two markets, which he dubs the “Firm Spread,” will rise as value deflation accompanies the rise of variable solar and wind power. And that spread will attract reliable sources of firm generation capacity, as well as innovation to develop such new, flexible resources as virtual power plants or storage technologies.51 Ideas like that one are still very much on the drawing board. But that is the sort of innovative market design that might be required to ensure that a diverse mix of zero-carbon power resources coexists. Indeed, the power sector is supposed to be the easy one to decarbonize. The rest of the economy, starting with transportation, presents even thornier challenges. Batteries on the Go The most obvious way to extend decarbonization from the power sector to the transportation sector is through vehicle electrification.

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Woo et al., “Merit-Order Effects of Renewable Energy and Price Divergence in California’s Day-Ahead and Real-Time Electricity Markets,” Energy Policy 92 (2016): 299–312, doi:10.1016/j.enpol.2016.02.023. 43.  Andre Gensler et al., “Deep Learning for Solar Power Forecasting—An Approach Using AutoEncoder and LSTM Neural Networks,” IEEE International Conference on Systems, Man, and Cybernetics, 2016, http://ieeexplore.ieee.org/document/7844673/. 44.  E. Ela et al., “Wholesale Electricity Market Design with Increasing Levels of Renewable Generation: Incentivizing Flexibility in System Operations,” The Electricity Journal 29, no. 4 (2016): 51–60, doi:10.1016/j.tej.2016.05.001. 45.  Jenny Riesz and Michael Milligan, “Designing Electricity Markets for a High Penetration of Variable Renewables,” Wiley Interdisciplinary Reviews: Energy and Environment 4, no. 3 (2014): 279–289, doi:10.1002/wene.137. 46.  

Chicken: The Dangerous Transformation of America's Favorite Food
by Steve Striffler
Published 24 Jul 2007

The early rise of chicken was driven by a combination of, on the one hand, consumer demand for a cheap, healthy source of animal protein and, on the other, an agroscientific revolution carried out by farmers, workers, scientists, and others that delivered large quantities of affordable chicken to consumers by the end of the s. By contrast, the more recent rise of processed chicken has been only partially about consumer demand for “convenience foods.” Engineering and Marketing Chicken Processed chicken is a product of food engineering and clever marketing, designed to combat a problem that has plagued the industry from its inception: Chicken in its most basic form is simply not that profitable. Historically, profit margins within the meat industry have been not only slim, but also unstable A New Bird 20 [To view this image, refer to the print version of this title.]

Big Capital: Who Is London For?
by Anna Minton
Published 31 May 2017

The rate of return on London property, even in a market slowed by economic uncertainty, far exceeds growth, let alone wages, which are among the lowest in Europe. It is these rates of return on property that are driving the reconfiguration of London, boosted by policy decisions carried out by local authorities, which are in tune with deliberate changes in housing policy and the property market, designed to take maximum advantage of the attraction of London real estate to global investors. This has little to do with the process that Glass or even Lees describe, which saw capital invested in gentrifying parts of the city at a much slower rate, over generations rather than a few years: as such, it is crucial that the impact of global capital and foreign investment is scrutinized for its local effects.

The Zero Marginal Cost Society: The Internet of Things, the Collaborative Commons, and the Eclipse of Capitalism
by Jeremy Rifkin
Published 31 Mar 2014

Josiah Neeley, “Texas Windpower: Will Negative Pricing Blow Out the Lights? (PTC vs. Reliable New Capacity),” MasterResource, November 27, 2012, http://www.masterresource .org/2012/11/texas-negative-pricing-ptc/ (accessed August 2, 2013). 42. Rachel Morison, “Renewables Make German Power Market Design Defunct, Utility Says,” Bloomberg, June 26, 2012, http://www.bloomberg.com/news/2012-06-26/renewables-make -german-power-market-design-defunct-utility-says.html (accessed April 29, 2013). 43. Nic Brisbourne, “Solar Power—A Case Study in Exponential Growth,” The Equity Kicker, September 25, 2012, http://www.theequitykicker.com/2012/09/25/solar-powera-case-study-in -exponential-growth/ (accessed May 27, 2013). 44.

The Age of Em: Work, Love and Life When Robots Rule the Earth
by Robin Hanson
Published 31 Mar 2016

A return to mass production should result in more long-term growth, simpler and more standardized products, larger factories that achieve more economies of scale and scope, and better but more expensive tools. A return to mass production should also encourage organizational divisions centered less on types of customers and products and more on functions such as sales, marketing, design, production, and shipping (Salvador et al. 2009; Piller 2008). All these changes might be reduced, however, if parasites such as computer viruses can exploit mass-produced products, and so discourage them relative to other products. A shift toward mass production should modestly increase the value of automation and software tools, as for mass products the fixed cost of developing such tools is spread out over a larger scope of use of such tools.

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October. http://hanson.gmu.edu/aigrow.pdf. Hanson, Robin. 2000. “Long-Term Growth as a Sequence of Exponential Modes.” October. http://hanson.gmu.edu/longgrow.pdf. Hanson, Robin. 2001. “How to Live in a Simulation.” Journal of Evolution and Technology 7(September). Hanson, Robin. 2003. “Combinatorial Information Market Design.” Information Systems Frontiers 5(1): 105–119. Hanson, Robin. 2005. “He Who Pays The Piper Must Know The Tune.” April. http://hanson.gmu.edu/expert.pdf. Hanson, Robin. 2006a. “Decision Markets for Policy Advice.” In Promoting the General Welfare: American Democracy and the Political Economy of Government Performance, edited by Eric Patashnik and Alan Gerber, 151–173.

The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony
by David G. W. Birch
Published 14 Apr 2020

— James Rickards, Currency Wars (2012) It seems to me, and to many other observers, that the key to taking the title of Prime currency away from the US dollar lies in designing and building a market based on a digital sovereign alternative: in essence, turning sovereign debt (bonds) into money that can be passed from person to person. This would be a market designed from the ground up for the express purpose of exceeding the depth and liquidity characteristics of the US Treasury market (Townsend 2018b). It would extend the safety and security of desirable sovereign debt to global citizens. At least one nation state is already thinking along these lines.

No One Succeeds Alone
by Robert Reffkin
Published 4 May 2021

I focused my energy on learning to adapt and adjust to more and more situations. Being extremely adaptable is a hugely valuable skill. It transforms every interaction into an opportunity. These days, I might talk to an investor in Asia, a software engineer in Seattle, a newly hired real estate agent in Miami, my eldest daughter Raia on FaceTime, a junior marketing designer in New York, and a reporter from the Wall Street Journal—all in a single hour. And for each conversation, I adapt. People throughout my life have made me feel like I don’t belong. But I haven’t listened. Being able to adapt to anything made me feel that I was never out of place and that no one could ever “put me in my place.”

Fodor's Barcelona
by Fodor's
Published 5 Apr 2011

After their victory, the Bourbon forces obliged residents of the Barri de la Ribera (Waterfront District) to tear down nearly a thousand of their own houses, some 20% of Barcelona at that time, to create fields of fire so that the occupying army of Felipe V could better train its batteries of cannon on the conquered populace in order to repress nationalist uprisings. Walk down to the Born itself—a great iron hangar, once a produce market designed by Josep Fontseré. The initial stages of the construction of a public library in the Born uncovered the perfectly preserved lost city of 1714, complete with blackened fireplaces, taverns, wells, and the canal that brought water into the city. The Museu d’Història de la Ciutat offers free visits overlooking the ruins of the 14th- to 18th-century Barri de la Ribera on weekends 10–3. | Born-Ribera | Station: Jaume I.

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Although the 30-foot floor-to-ceiling wooden shutters are already a visual feast, the carefully prepared interpretations of old standards such as the carpaccio de toro de lidia (carpaccio of fighting bull) with basil sauce and pine nuts, awaken the palate brilliantly. The separate dining room, for anywhere from a dozen to two dozen diners, is a perfect place for a private party. | Carrer Cometa 5, Barri Gòtic | 08002 | 93/310–1558 | AE, DC, MC, V | Closed Tues. | Station: Jaume I Cuines Santa Caterina. $$–$$$ | ECLECTIC | A lovingly restored market designed by the late Enric Miralles and completed by his widow Benedetta Tagliabue provides a spectacular setting for one of the city’s most original dining operations. Under the undulating wooden superstructure of the market, the breakfast and tapas bar, open from dawn to midnight, offers a variety of culinary specialties cross-referenced by cultures (Mediterranean, Asian) and products (pasta, rice, fish, meat), all served on sleek counters and long wooden tables. | Av.

Order Without Design: How Markets Shape Cities
by Alain Bertaud
Published 9 Nov 2018

In addition, Jonathan played a particularly important role in reviewing the early chapters of the book and providing his insights as an economist. Eventually, when the writing of this book was sufficiently advanced, I was asked to teach a course to New York University students. The course, called “Markets, Design, and the City,” followed the sequence of the book’s chapters. It was a good way to test its content on the critical minds of NYU graduate students. It became an occasion for further exchanges of ideas and perspectives, as the students came from many different countries. We still meet regularly with some of them, who by now are pursuing careers in urban planning: Eduard Cabré-Romans, Javier Garciadiego Ruiz, Hannah Kates, Simon Lim, Jwanah Qudsi, and Amalia Toro Restrepo.

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By contrast, a design solution to increase the average consumption of floor space might establish a minimum regulatory house size to prevent developers from building small houses, or it would require the government to subsidize and build a sufficient number of large apartments for low-income households every year. As the consumption of floor space is a market outcome, design solutions, which aim to increase consumption, never work in the long run. I will discuss this design failure in detail in chapter 7. Links between Markets, Design, and Urban Indicators A simple schematic flowchart (figure 3.11), whose inputs and outputs can be calculated in a simple spreadsheet, could help differentiate the role of markets and design in the development of cities. The flowchart should be helpful for understanding the mathematical relationships among people, jobs, floor space, land, and road infrastructure in the framework that I have been using: differentiating between markets and design.

Smart Grid Standards
by Takuro Sato
Published 17 Nov 2015

In addition, it requires concurrent efforts to develop and implement improved wind plant-modeling and forecasting capabilities (continued overleaf) Smart Grid Standards 58 Table 2.8 (continued) Research and development area Barrier Responses Market and regulatory Barrier Responses Market design and structure The small operations areas are the barrier, which increase the cost of integrating wind energy into the grid To rectify this issue, it requires a policy and market design that allow smaller operating areas to function in a consolidated manner To resolve the limit on long-distance power transfer, including cost allocation for new transmission projects To ensure grid market access to plants with operational characteristics of renewable energy To develop techniques and methods for accurately valuing the additional costs as well as the value of grid services, which can determine issues of wind energy evaluation To facilitate worker training and encourage committed interest in the industry, including the establishment of a strong university/industry linkage Operational value Transmitting wind energy to population centers requires simple transfer of power over long distances Restriction with low marginal costs might become an issue with high renewable electricity penetration Instead of being recognized for grid service capabilities of wind energy, it is criticized for its variable output due to the nature of the wind Workforce development Skilled manpower is required to support a rapid expansion of the wind industry Environmental and siting Barrier Responses Wildlife impacts Rare birds can restrain the deployment of wind energy It needs regular monitoring of wildlife impacts, development of impact mitigation strategies, and standardization Intensive study is required to identify the impacts to habitat and resulting wildlife displacement, which can result in policy solutions to constant industry challenges In both cases a proper awareness program about wind energy is required, which can help policymakers in weighing the trade-offs of wind energy.

The Open Organization: Igniting Passion and Performance
by Jim Whitehurst
Published 1 Jun 2015

People invest their time in making Linux a better operating system because, by virtue of making computing safer, faster, and more open, they feel as if they make the world a better place. It’s that compelling purpose that brings so many people together to work on Linux and other open source projects. Not just programmers, but also writers, testers, marketers, designers, and administrators contribute their combined efforts to create something no one traditional organization could do on its own. One study estimated, for instance, that if you started from scratch, it would take about eight thousand years of development time to recreate Linux, at a reported cost of more than $10 billion.1 That’s powerful stuff.

The Self-Made Billionaire Effect: How Extreme Producers Create Massive Value
by John Sviokla and Mitch Cohen
Published 30 Dec 2014

Producers can think small—in Jaharis’s case by concentrating on how a medication is delivered—in order to capture something large—demand for a continuous-release nitroglycerin. We use the verb “design” in this context to describe the solutions to the problem of producing a new offering, and making the necessary deals to bring it to the market. Design takes into account multiple factors: the strategy and tactics, the terms of the sale and the deal, the ownership and distribution, the customer experience, and so forth. Producers alter or redesign any and every aspect of bringing a product to market. They will tackle physical product design, product delivery, pricing, the business model, and the sales pitch.

Designing Your Life: How to Build a Well-Lived, Joyful Life
by Bill Burnett and Dave Evans
Published 12 Sep 2016

Thank you, thank you, Vicky. Notes Introduction: Life by Design 1. Jon Krakower, inventor of the Apple notebook configuration, see European Patent EP 0515664 B1, Laptop Computer Having Integrated Keyboard, Cursor Control Device and Palm Rest, and Artemis March, Apple PowerBook (A): Design Quality and Time to Market, Design Management Institute Case Study 9-994-023 (Boston: Design Management Institute Press, 1994). 2. Lindsay Oishi, “Enhancing Career Development Agency in Emerging Adulthood: An Intervention Using Design Thinking,” doctoral dissertation, Graduate School of Education, Stanford University, 2012. T.

Celebrating the Third Place: Inspiring Stories About the Great Good Places at the Heart of Our Communities
by Ray Oldenburg
Published 30 Nov 2001

Work hard, play hard. . . .” Owning a third place evidently runs in my blood—my father, grandparents, and great-grandparents all owned neighborhood corner-grocery-store hangouts. Tunnicliff’s is located opposite historic Eastern Market, which is truly the heart of Capitol Hill. It is a year-round old-fashioned food market, designed in 1873 by the Smithsonian’s Renwick Castle’s architect, Adolph Cluss, with a weekend Parisian-style craft and flea market. It is very much like the New Orleans French Market. Weekends are especially exciting with bargains galore, delicious foods, and friends greeting friends. Our Eastern Market neighborhood is truly a thriving interstitial community Tunnicliff’s Tavern originally opened as the Eastern Branch Hotel in 1793, “stabling horses, lodging gentlemen or ladies.”

Trading and Exchanges: Market Microstructure for Practitioners
by Larry Harris
Published 2 Jan 2003

Good audit trails include detailed information about everything that happens to each order. Regulators use audit trails to determine whether traders have violated trading rules. An accurate audit trail helps keep brokers honest. Floor-based markets have extensive rules that govern how traders process orders and record trades. Markets design these rules to make the audit trail complete, reliable, and accurate. These rules require traders to time-stamp their orders when they receive them and when they fill them, to record trades sequentially, and to report trades immediately. * * * ▶ What Would You Think? Eli needed to roll a 10-contract short futures position in the Dow Jones Industrial Average Index futures from June to September contracts.

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When too many traders try to participate in the same oral auction, they exceed its capacity to process information in an orderly fashion. When the number of traders bidding and offering is large, traders in an oral auction cannot easily keep track of who is quoting the best prices. They then may arrange trades that violate time precedence or even price priority. Futures and options markets designate such disorderly markets as fast trading markets. The designation tells brokerage customers that they cannot expect their brokers to fill their orders at the best available prices when the market is trading fast. In the confusion of a fast market, the brokers may be unaware of the best trading opportunities.

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• In the United States, the margins required to obtain equivalent-sized risk exposure in equities, equity options, and equity futures are quite unequal. Should margin rates be standardized across similar instruments? What accounts for the differences in margin rates in these markets? • During crashes, volume often rises to very extremely high levels. How much excess capacity should markets design into their systems to ensure that they are not overwhelmed in a crash? How would you balance the very high costs of building system capacity with the very high costs of failing to meet demands for that capacity which may never occur? • Can circuit breakers lower the optimal design capacity of a trading system?

The Global Auction: The Broken Promises of Education, Jobs, and Incomes
by Phillip Brown , Hugh Lauder and David Ashton
Published 3 Nov 2010

Except it needed a greater degree of oversight and more in-house resources.”4 It is for these reasons that some companies, especially those based in South Korea and Japan, continue to keep a broad range of activities in house, although they were not immune from the consequences of global recession. Today, a key issue for all companies is how to connect profit centers, business units, product markets, design teams, suppliers, Managing in the Global Auction 103 franchisees, research centers, universities, licensees, business start-ups, and strategic alliances with competitor companies wanting to share the costs of research or business processes. The calculation of the costs and benefits associated with building these linkages, whether within the core business, through alliances, or through outsourcing or offshoring, is now an integral part of the corporate drive to competitive advantage.

Branding Your Business: Promoting Your Business, Attracting Customers and Standing Out in the Market Place
by James Hammond
Published 30 Apr 2008

Last, but by no means least, a very special thank you must go to my wife, Mary, herself a successful marketing and public relations consultant, for putting up with a grumpy old man for months on end as he struggled to complete the manuscript within the deadline. (I would have mentioned my cats, Mr George and Tibbles, but they’re too busy eating or sleeping to care either way.) THIS PAGE INTENTIONALLY LEFT BLANK x About the author James Hammond has spent almost 30 years in advertising, marketing, design and branding. From his initial time as a graphic designer and copywriter, he progressed to heading up brand consultancies responsible for the brand management, sales and marketing, corporate identity and advertising for Top 100 companies including Yellow Pages, Virgin, Norwich Union, EMI and British Telecom.

Where Does Money Come From?: A Guide to the UK Monetary & Banking System
by Josh Ryan-Collins , Tony Greenham , Richard Werner and Andrew Jackson
Published 14 Apr 2012

We also examine the concepts of bank ‘solvency’ and ‘capital’ and examine how a commercial bank’s balance sheet is structured. Chapter 5 examines the extent to which commercial bank money is effectively regulated. We analyse how the Bank of England attempts to conduct monetary policy through interventions in the money markets designed to move the price of money (the interest rate) and through its direct dealings with banks. This section also includes a review of the financial crisis and how neither liquidity nor capital adequacy regulatory frameworks were effective in preventing asset bubbles and ultimately the crisis itself.

The Jobs to Be Done Playbook: Align Your Markets, Organization, and Strategy Around Customer Needs
by Jim Kalbach
Published 6 Apr 2020

They write:8 You can begin to look systematically for opportunities to create value... A great way to begin is to consider the biggest drawbacks of current solutions at each step in the map—in particular, drawbacks related to speed of execution, variability, and the quality of output. To increase the effectiveness of this approach, invite a diverse team of experts—marketing, design, engineering, and even some lead customers—to participate in this discussion. FIGURE 3.7 Determine the stages of the main job by clustering micro-jobs found during research. Innovation opportunities can come at any stage in the job map. Consider these examples: • Weight Watchers streamlines the “Define” stage with a system that does not require calorie counting

Open for Business Harnessing the Power of Platform Ecosystems
by Lauren Turner Claire , Laure Claire Reillier and Benoit Reillier
Published 14 Oct 2017

Markides, Fast Second: How Smart Companies Bypass Radical Innovation to Enter and Dominate New Markets, San Francisco, CA: Jossey-Bass, 2005. 11 David Teece, ‘The Foundations of Enterprise Performance: Dynamic and Ordinary Capabilities in an (Economic) Theory of Firms’, Academy of Management Perspectives, 8(4), 2014, 328–52. 204 Competing against platforms 12 Zalando generated €3.6 billion in 2016, with a growth rate of 23%, 17 January 2017, Zalando’s corporate website. 13 ‘How Zalando Is Becoming the Online Fashion Platform for Europe’, 1 June 2016, https://blog.zalando.com/en/blog/how-zalando-becoming-online-fashion-platformeurope. 14 Murad Ahmed and Adam Thomson, ‘Accor to Acquire Online Home Rental Site Onefinestay’, Financial Times, 5 April 2016. Chapter 15 The future of platforms As we have seen, platform-based business models are having a profound impact on the business world. In the words of Ray Fisman and Tim Sullivan, in their insightful book The Inner Lives of Markets: Not even the market designers themselves have all the answers: economics is an inexact science, and every time we participate in a market innovation – each time we hail a ride via a smartphone or download a song via iTunes – we’re part of a massive social experiment whose ultimate consequences are unknown. While, like them, we remain optimistic and see the potential for good, we are acutely aware that the long-term consequences of the current platform revolution are unclear.

Extreme Ownership: How U.S. Navy SEALs Lead and Win
by Jocko Willink and Leif Babin
Published 19 Oct 2015

“I’ll give it a try.” He was eager to turn the company’s performance around. For the next several months the CEO focused the efforts of the entire company on supporting the frontline sales force, making it clear that this was the company’s highest priority. The labs set up tours for customers. The marketing designers helped create new, informative pamphlets for products. Sales managers set minimum marks for the number of introductory meetings with doctors and medical administrators that the sales force had to achieve each week. The company’s marketing team created online videos interviewing their top salespeople on the most successful techniques so that others could watch and learn.

What's Mine Is Yours: How Collaborative Consumption Is Changing the Way We Live
by Rachel Botsman and Roo Rogers
Published 2 Jan 2010

It designed its rankings system, then recommendations, and peer-to-peer support, and finally an easy way to download movies straight to the user’s computer. This gradual evolution of experience was managed in a way that didn’t lose or frustrate the user. To work within ever-changing sectors (and every business operates in one), the designer needs a holistic understanding of technology, behavioral science, and marketing. Designers can and must play a critical role in uncovering what people need and want from systems of Collaborative Consumption, ensuring that they gain enough critical mass to continue to improve and scale. Ezio Manzini is a professor of industrial design at Politecnico di Milano and a thought leader on strategic design for sustainability.

The Great Fragmentation: And Why the Future of All Business Is Small
by Steve Sammartino
Published 25 Jun 2014

We had to have the latest widget of desire, see the show and participate in the fad. Fads were rad. They formed part of the lore that made our so-called community, a community that was a substitute for natural human inclinations. The selfish era Mass marketing was a selfish modality of marketing designed by and for the owners of capital, and not only financial capital, but mind capital. The average suburban dweller became everyone and no one. We had all loved and believed in average products with the edges rounded off. There are a lot of examples of selfish marketing occurring on a repetitive and formulaic level beyond that of the fads mentioned above.

SuperFreakonomics
by Steven D. Levitt and Stephen J. Dubner
Published 19 Oct 2009

. / 198 There is no regulatory framework: for further reading, see “The Sun Blotted Out from the Sky,” Elizabeth Svoboda, Salon.com, April 2, 2008. / 199 Certain new ideas…are invariably seen as repugnant: the dean of repugnance studies is the Harvard economist Alvin E. Roth, whose work can be see at the Market Design blog. See also: Stephen J. Dubner and Steven D. Levitt, “Flesh Trade,” The New York Times Magazine, July 9, 2006; and Viviana A. Zelizer, “Human Values and the Market: The Case of Life Insurance and Death in 19th Century America,” American Journal of Sociology 84, no. 3 (November 1978). / 200 Al Gore is quoted here and elsewhere in Leonard David, “Al Gore: Earth Is in ‘Full-Scale Planetary Emergency,’” Space.com, October 26, 2006. / 201–202 The “soggy mirrors” plan: see John Latham, “Amelioration of Global Warming by Controlled Enhancement of the Albedo and Longevity of Low-Level Maritime Clouds,” Atmospheric Science Letters 3, no. 2 (2002). / 201 Contrail clouds: see David J.

Exponential Organizations: Why New Organizations Are Ten Times Better, Faster, and Cheaper Than Yours (And What to Do About It)
by Salim Ismail and Yuri van Geest
Published 17 Oct 2014

Associates most affected by this person’s work must accept the CLOU before it goes into effect. What is the financial impact? The company has funded virtually all its growth from internal sources, which suggests it is robustly profitable. On the basis of its own benchmarking data, Morning Star believes it is the world’s most efficient tomato processor. FAVI (1960) – 440 employees Market: Designer and manufacturer of copper alloy automotive components How is the company organized? FAVI has no hierarchy or personnel department, and there is no middle management or formal procedures. Teams are organized around customers. Each team is responsible not only for the customer, but for its own human resources, purchasing and product development.

Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History
by Liam Vaughan
Published 11 May 2020

“What happens if a major event causes turmoil”: Joe Saluzzi, “HFT Roundtable,” Themis Trading blog, June 17, 2009, https://blog.themistrading.com. “never-ending socially-wasteful arms race for speed”: Eric Budish, Peter Cramton, and John Shim, “The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response,” Quarterly Journal of Economics 130 (November 2015). HFT firms largely eradicated losses: Although that didn’t necessarily mean they were profitable, since the cost of technology and data were high and rising. They also helped create a situation: I was unable to source figures for cancelation rates in 2010, but by 2015, as many as 95 percent of orders on the CME were canceled before they were executed, according to University of Southern California professor Larry Harris’s testimony during Nav’s extradition hearing.

Thinking in Bets
by Annie Duke
Published 6 Feb 2018

Schelling (2005, game theory, “for having enhanced our understanding of conflict and cooperation through game theory analysis”); (6) Leonid Hurwicz, (7) Eric S. Maskin, and (8) Roger B. Myerson (2007, microeconomics, “for having laid the foundations of mechanism design theory”); (9) Alvin E. Roth and (10) Lloyd S. Shapley (2012, applied game theory, “for the theory of stable allocations and the practice of market design”); and (11) Jean Tirole (2014, industrial organization, microeconomics, “for his analysis of market power and regulation”). Poker vs. chess: My brother Howard came from a chess background, but the movement of players from chess into poker is relatively rare. In my opinion, the lack of uncertainty in chess compared with the great uncertainty in poker is a barrier to transitioning from one to the other.

Finding Alphas: A Quantitative Approach to Building Trading Strategies
by Igor Tulchinsky
Published 30 Sep 2019

Published 2020 by John Wiley & Sons, Ltd. 4 Finding Alphas be executed in the financial securities markets. We develop, test, and trade alphas in large numbers because even if markets are operating efficiently, something has to drive prices toward equilibrium, and that means opportunity should always exist. To use a common metaphor, an alpha is an attempt to capture a signal in an always noisy market. DESIGNING ALPHAS BASED ON DATA We design alphas based on data, which we are constantly seeking to augment and diversify. Securities prices generally change in response to some event; that event should be reflected in the data. If the data never changes, then there is no alpha. Changes in the data convey information.

Restarting the Future: How to Fix the Intangible Economy
by Jonathan Haskel and Stian Westlake
Published 4 Apr 2022

The rapid growth of vast tech companies in the past decade is an important part of the story, but it is not the whole story. Nor is intangible investment a minor extension of R&D. Innovation in industries that were most hit by COVID-19 (retail, entertainment, hotels, and restaurants) is not included in the R&D data because those sectors do almost no R&D. Instead, they invest in intangible assets: training, marketing, design, and business processes. And the companies that do R&D do it in harness with a host of other intangible assets, such as marketing spending on new pharmaceuticals. Indeed, the change in R&D is itself remarkable, as Efraim Benmelech, Janice Eberly, Dimitris Papanikolaou, and Joshua Krieger have documented.41 In the United States, pharmaceutical firms account for around a dollar of every ten dollars of R&D spending (up from thirty cents of every ten dollars during the 1970s).

Television disrupted: the transition from network to networked TV
by Shelly Palmer
Published 14 Apr 2006

In this context it is referring to the picture tube of a traditional NTSC television set. DA Digital to Analog Converter (also DAC) Delphi One of the original online services. Demographics Classifications of populations according to sex, age, race, ethnicity, income, etc. Designated Market Areas A C. Nielsen’s geographic market designation which defines each television market exclusive of others based on measurable viewing patterns. Every county or split county in the United States is assigned exclusively to one DMA. Destination Television A marketing term that usually refers to scheduled, linear broadcast programming that people must watch at a certain time.

Inventing the Future: Postcapitalism and a World Without Work
by Nick Srnicek and Alex Williams
Published 1 Oct 2015

This personalised environmental ethic is exemplified in localist food politics – in particular, in the moral (and price) premium placed on locally grown food. Here we find ecologically motivated arguments (for reducing energy expenditure by reducing the distances over which food is transported, for example) combined with class differentiation (in the form of marketing designed to promote identification with organic food). Similarly, complex problems are condensed into poorly formulated shorthand. For instance, the idea of ‘food miles’ – identifying the distances that food products have travelled, so as to reduce carbon outputs – appears a reasonable one. The problem is that it is all too often taken to be sufficient on its own as a guide to ethical action.

The Connected Company
by Dave Gray and Thomas Vander Wal
Published 2 Dec 2014

Efficiencies of scale are balanced by the burdens of bureaucracy. Divisions become silos, disconnected from each other. Overhead costs increase with size. Eventually, the company reaches a point where the costs of control exceed the benefits of further growth, or the company becomes too internally focused and loses touch with the market. Design for Connection A connected company is a complex, adaptive system that functions more like an organism than a machine. To design connected companies, we must think of the company as a complex set of connections and potential connections: a distributed organism with brains, eyes, and ears everywhere, whether they are employees, partners, customers, or suppliers.

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril
by Satyajit Das
Published 9 Feb 2016

Instead of allowing for replacement based on failure or innovation, products were designed with a limited useful life so as to increase consumption. With the US car market approaching saturation, GM chairman Alfred Sloan initiated annual design changes to encourage drivers to replace their vehicles frequently. In his 1960 book The Waste Makers, Vance Packard coined the term “obsolescence of desirability”: marketing designed to wear out a product in the owner's mind. New technologies were promoted as superior or modern, creating demand. Gramophone records were replaced successively by cassette tapes, CDs, MP3s, and digital media such as iTunes and live streaming. Some thirty years after it was displaced, analog vinyl re-emerged as an expensive, fashionable niche product, completing the cycle.

Lights Out in Wonderland
by Dbc Pierre
Published 1 Sep 2010

He grew troubled, I watched him change. His sense of himself came to rely wholly on the flow of goods and credit. Profit smashed me through that glass, not him. And the infection soon laid him waste. I confirmed it years later when he saw the book of Frederick and sneered. The pointless mouse found a niche in the market, designed a product to fill it—then gave it away for free. A loser’s guidebook, Dad called it. My father had embraced capitalism. It was the system that said he didn’t have to grow up. That said he could just be his child’s best friend. The same system that’s now asking what have things come to.* What things came to is that for thirty years there were no parents.

High-Frequency Trading
by David Easley , Marcos López de Prado and Maureen O'Hara
Published 28 Sep 2013

Be it in equities, foreign exchange, futures or commodities, high-frequency traders provide not only the bulk of volume in these markets, but also most liquidity provision. In so doing, high-frequency trading has changed how individual markets operate and how markets dynamically interact. In this book, we give a comprehensive overview of high-frequency trading, and its implications for investors, market designers, researchers and regulators. Our view is that HFT is not technology run amok, but rather a natural evolution of markets towards greater technological sophistication. Because markets have changed, so, too, must the way that traders behave, and the way that regulators operate. Low-frequency traders (shorthand for everyone who does not have their own highperformance computers and co-located servers) need to understand how high-speed markets work in order to get effective execution, minimise trade slippage and manage risk.

Net Zero: How We Stop Causing Climate Change
by Dieter Helm
Published 2 Sep 2020

The bidders would offer what they can guarantee to supply when called upon. They would be paid the clearing price in the auction for their capacity offered to the system. It is a fixed income, against a fixed cost, and therefore properly backs the financing of the new investments. The way this integrates the intermittent renewables is critical to the market design. Renewables bidders would offer equivalent firm power (EFP). This would be less than 100 per cent firm power because they cannot always guarantee to deliver. The wind might not blow, or it might blow too much. The value of the renewables capacity would be adjusted to take account of their smaller contribution to the system.

The Warhol Economy
by Elizabeth Currid-Halkett
Published 15 Jan 2020

As the New York Times pointed out in an article on the University of Southern California’s School of Cinema-Television, “Rather than a breeding ground for amateurs, film school . . . has become a path to a professional career in Hollywood, a foot in the door and a place to make connections.”35 Both FIT and Parsons have been known to invite buyers from the leading fashion stores (e.g., Barney’s, Bergdorf’s) to attend graduating students’ final fashion shows. If buyers like the students’ work, they will purchase an entire line and place it in their stores (as Barney’s did with Proenza Schouler)—a surefire recipe for gaining major entry into the fashion market. Design school instructors and professors are often artists and designers themselves (or very well connected with other artists and designers) and are invaluable in internships and job placements, both of which lay the foundations for artists and designers to establish themselves individually, if they are so inclined.

Carjacked: The Culture of the Automobile and Its Effect on Our Lives
by Catherine Lutz and Anne Lutz Fernandez
Published 5 Jan 2010

On one blue-skied day in June 2008, the “Lake” was dotted with orange cones delineating courses for acceleration, turning, and braking tests as GM employees prepared for the busload of journalists to whom they were about to introduce Chevy’s newest vehicle, the Traverse. Along with roughly a dozen automotive journalists, most from regional newspaper chains, we hopped off the courtesy bus, looped “All Access VIP” 178 Carjacked passes around our necks, and entered a hall where our group was greeted by at least as many members of Chevrolet’s marketing, design, and engineering staff before settling in for a PowerPoint presentation. Chevy executives enthusiastically touted the innovations and attractions of this, GM’s latest “crossover utility” (crossover being the marketing term invented to avoid calling a vehicle an SUV or a station wagon, even as consumers often cannot tell them apart).

The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor, and Why You Can Never Buy a Decent Used Car
by Tim Harford
Published 15 Mar 2006

Joskow, Richard Schmalensee, and Elizabeth Bailey, “The Market for Sulfur Dioxide Emissions,” American Economic Review 8, no. 4 (Sept. 1998): 669–85. The Chinese program is explained in “A Great Leap Forward,” The Economist, May 9, 2002. For a design intended to work on a global level see Peter Cramton and Suzi Kerr, “Tradeable Carbon Permit Auctions” (working paper, University of Maryland, 1998), http:// www.market-design.com/files/98wp-tradeable-carbon-permit-auctions.pdf. Paul Klemperer, the auction designer who features in chapter 7, helped to design an auction for the United Kingdom government to kick-start their program of tradable emission permits. Anyone doubting my statement that “economists have long been in the forefront of analyzing environmental problems” will be surprised to hear that one of the first environmentalists was also one of the first and most famous economists, Thomas Malthus, whose study of overpopulation was published in 1798.

Hacking Growth: How Today's Fastest-Growing Companies Drive Breakout Success
by Sean Ellis and Morgan Brown
Published 24 Apr 2017

It also leads the acquisition of promising digital start-ups, such as mobile fashion search app Stylr, and social recipe aggregator Yumprint, and works to integrate their technology and talent into Walmart’s digital offerings. It’s important to emphasize that even when teams are given independent authority, they need the strong backing of top management in order to navigate the internal sensitivities and frictions that can arise between product, marketing, design, and engineering specialists who have their own notions of what’s important and the “right way” to do things. MELDING MINDS AND DISMISSING LORE It’s not unusual for someone setting up a growth team for the first time within a company to encounter some initial resistance. For most companies—the exception being the earliest stage start-ups where organizational silos and norms have yet to crystallize—setting up a growth team, or set of teams, will involve either a significant realignment of personnel and reporting structures or a rededication of some of people’s time and shifting of their responsibilities, either in an ongoing capacity or for the duration of a specific growth mission.

Radical Markets: Uprooting Capitalism and Democracy for a Just Society
by Eric Posner and E. Weyl
Published 14 May 2018

The housing markets that come closest to being perfectly competitive are those in large cities where houses frequently become available and many people are looking to buy. Yet as anyone who has bought or sold a house in such a place knows, the system is far from perfect. Houses differ in location, amenities, views, light, and so forth. They are far from homogenous, nothing like grain (whose homogeneity is itself the result of careful market design).31 The failure to reach a deal can mean months of delay while buyers look for other houses that might meet their needs. This means that buyers and sellers both have significant bargaining power. Each party works hard to ascertain what the other would be willing to pay or accept and jockeys for the best price possible.

WEconomy: You Can Find Meaning, Make a Living, and Change the World
by Craig Kielburger , Holly Branson , Marc Kielburger , Sir Richard Branson and Sheryl Sandberg
Published 7 Mar 2018

With skeptical consumers wary of the kind of cause washing we talked about earlier—those less altruistic companies looking to fake it—I don't blame them. Together we realized that Fossil's greatest asset isn't money; it's people. In fact, this is true of most every company. Fossil offered us its marketing, design, and e-commerce experts to consult with our artisan teams in Kenya and Ecuador. They hosted workshops for our teams at Fossil headquarters in Dallas to show us how artisans could add leatherwork to their handbags. Glass beads from the Maasai Mara could adorn Fossil's watch straps. Artisans design collaborations now sit in Fossil's storefront windows, another asset leveraged.

The Tunnel Through Time: A New Route for an Old London Journey
by Gillian Tindall
Published 14 Sep 2016

However, ships did not much use it, wharves filled up with ramshackle buildings and refuse dumps – and more latrines – and in the 1730s defeat was generally admitted. The same fate overcame the Fleet that had befallen the smaller Wallbrook river centuries before. In several stages, the lower part of the river, which had become nothing but a large open drain, was covered over, and in the middle of the eighteenth century a new arcaded market, the Fleet Market, designed by George Dance the Elder, was built on top of it. But parts of the higher reaches, through crowded Clerkenwell, remained open to the sky between overshadowing buildings, and the charges of filth and disreputableness now displaced themselves to there. It is probably no coincidence, however, that at just the same period when part of the Fleet and its squalid surroundings were disappearing, the complaints began about the St Giles-in-the-Fields area, and grew louder as the eighteenth century went by.

Sickening: How Big Pharma Broke American Health Care and How We Can Repair It
by John Abramson
Published 15 Dec 2022

Doctors’ acceptance of commercially influenced evidence published in journals and the recommendations in clinical practice guidelines (or the marketing materials based on them) is not just the path of least resistance; it’s the only path that will allow them to get through their professional day. But it’s Akerlof and Shiller’s second approach to story formation that goes to the core of explaining why people, including doctors, are so vulnerable to making decisions that contradict their avowed self-interest. The key element is marketing designed to blend the self-deceptive stories people tell themselves with skillfully fabricated stories about commercial products, coaxing consumers (including doctors as consumers of information about the benefit of new drugs) toward fulfillment of marketers’ goals rather than their own. Akerlof and Shiller define a subcategory of “information phools,” meaning those who “act on information that is intentionally crafted to mislead them.”

The Alternative: How to Build a Just Economy
by Nick Romeo
Published 15 Jan 2024

Private companies might bid to operate them, following the concession model used by some national lotteries and national parks, but their earnings would be capped, and they would serve the public interest. Such an approach wouldn’t rely on regulation alone to hobble the gig-work Goliaths. It would compete with them, combining many work options into a broader labor market designed to benefit workers and the public. Just as a job guarantee that offers satisfying work at good wages can pressure private employers to improve, providing more attractive options through a public flexible labor platform could force the low-quality gig-work platforms to improve pay and benefits.

Who Owns This Sentence?: A History of Copyrights and Wrongs
by David Bellos and Alexandre Montagu
Published 23 Jan 2024

The American fashion industry has not given up fighting its exclusion from copyright protection and has given its backing to several attempts to get the law changed – a bill introduced in 2006 and again in 2012 to give a three-year copyright protection to fashion designs did not pass, and another bill, the Design Pro-tection and Piracy Prevention Act, also failed. The proposers argued that the lack of copyright gave large retailers the right to mass-market designs copied from smaller, creative enterprises. In one case, a small firm called Samara Brothers sued Walmart for infringement of its trademark and won damages of $1 million. But the big firm appealed and took the case to the Supreme Court, which overturned the judgment and ruled in Walmart’s favour.199 Who would benefit if copyright were extended to the fashion industry – individual designers, or the giants of the fashion industry?

Cheap: The High Cost of Discount Culture
by Ellen Ruppel Shell
Published 2 Jul 2009

Where, I wondered, was the solid middle ground that offered safe footing not so very long ago? Ferreting out the answer to these seemingly simple questions led to a fascinating journey, from the hinterlands of Sweden to the back alleys of Shanghai to the shipyards of Los Angeles. I met with psychologists, economists, farmers, marketers, designers, historians, cultural theorists, mathematicians, and retailers large and small. I spent a couple of years wandering a world of consumer choices driven by a system that creates the desire it claims to sate. This book explores that world and what role we—as consumers and citizens—play in it.

Masters of Doom: How Two Guys Created an Empire and Transformed Pop Culture
by David Kushner
Published 2 Jan 2003

“Forget about it,” Carmack snapped. More new tensions began to surface. With the extra levels ordered by Scott, the id guys were putting in sixteen-hour days, seven days a week. Kevin and Jay did ease the burden somewhat. Kevin was able to assist Adrian with the character work, as well as help out with some packaging and marketing designs. As CEO, Jay’s main asset wasn’t so much strategizing the company as being the office “biz guy.” He made sure there was enough computer paper, enough disks, enough toilet paper, enough pizza. He made sure bills got paid. One of the reasons he got the job was he was the only one who balanced his checkbook.

The Wisdom of Crowds
by James Surowiecki
Published 1 Jan 2004

But there’s reason to wonder if a market such as the betting market—one that allowed the people participating in it to rely on many different kinds of information, including but not limited to polls—might at the very least offer a competitive alternative to Gallup. That’s why the Iowa Electronic Markets (IEM) project was created. Founded in 1988 and run by the College of Business at the University of Iowa, the IEM features a host of markets designed to predict the outcomes of elections—presidential, congressional, gubernatorial, and foreign. Open to anyone who wants to participate, the IEM allows people to buy and sell futures “contracts” based on how they think a given candidate will do in an upcoming election. While the IEM offers many different types of contracts, two are most common.

Soonish: Ten Emerging Technologies That'll Improve And/or Ruin Everything
by Kelly Weinersmith and Zach Weinersmith
Published 16 Oct 2017

IEEE/RSJ International Conference on Intelligent Robots and Systems, Piscataway, N.J.: IEEE Publishing, 2013. Rose, David. Enchanted Objects: Innovation, Design, and the Future of Technology. New York: Scribner, 2015. Roth, Alvin E. Who Gets What—and Why: The New Economics of Matchmaking and Market Design. Boston: Eamon Dolan/Mariner Books, 2016. Rubenstein, M. “Emissions from the Cement Industry.” State of the Planet. Earth Institute. Columbia University. May 9, 2012. blogs.ei.columbia.edu/2012/05/09/emissions-from-the-cement-industry. Rubenstein, M., Cornejo, A., and Nagpal, R. “Programmable Self-Assembly in a Thousand-Robot Swarm.”

Irrational Exuberance: With a New Preface by the Author
by Robert J. Shiller
Published 15 Feb 2000

With quantitative anchors, people are weighing numbers against prices when they decide whether stocks (or other assets) are priced right. With moral anchors, people compare the intuitive or emotional strength of the argument for investing in the market against their wealth and their perceived need for money to spend now. Quantitative Anchors for the Market Designers of questionnaires have learned that the answers people give can be heavily influenced by suggestions that are given on the P S YCH O L O G ICAL AN CH OR S FOR THE MAR KET 137 questionnaires themselves. For example, when people are asked to state within which of a number of ranges their income falls, their answers are influenced by the ranges given.

Dark Pools: The Rise of the Machine Traders and the Rigging of the U.S. Stock Market
by Scott Patterson
Published 11 Jun 2012

That meant the only way certain high-frequency firms—such as the scalper variety that profited on the difference between bids and offers—could make money was through maker-taker rebates, the fees they collected when other firms had to trade with them. The trouble for the exchanges: Everyone wanted to pocket the rebates. Every reasonably sophisticated firm, including Trading Machines, was putting orders into the market designed to earn the rebate. That posed a conundrum for the exchanges, Bodek theorized, because everyone couldn’t get the rebate. Everyone couldn’t win, because for every winner there had to be a loser. It was a zero-sum game—simple math. And so, Bodek reasoned, a complex system was designed to pick winners and losers.

The Paypal Wars: Battles With Ebay, the Media, the Mafia, and the Rest of Planet Earth
by Eric M. Jackson
Published 15 Jan 2004

But I had a lingering sense that dramatic change was about to unfold for our young company, that the entrepreneurial adventure I naively joined as Peter and I strolled through San Francisco’s marina district many months earlier was now coming to an end. I left from the Arctic Circle’s back exit and steered clear of the T-shirt box. The day’s meeting marathon continued at three o’clock in Sacks’s office. The marketing, design, and international teams, about twenty people in all, packed into his sparse and functional workspace. Sacks began with a nervous chuckle and a couple of informal remarks. He then addressed the reasons behind his push to resume negotiations with eBay, characterizing them as a response to feedback from within the company.

The Great Race: The Global Quest for the Car of the Future
by Levi Tillemann
Published 20 Jan 2015

The overwhelming odds are that the car of the future will drive on electricity in some form or another, and eventually it will be less car than robot. In other words, it will drive itself. It is a race that will unfold over the course of decades, but the early leaders are already clear. Ultimate victory will hinge on technology, but also a country’s internal politics and its institutional understanding of policy tools and market design. Consistency of purpose and partnership between the public and private sectors will be a hallmark of success. But luck and, perhaps surprisingly, honesty will also have something to do with it. Rules of the Road We are on the frontier of an exciting new age. But for America to get there will require a recognition of the powerful potential for symbiosis between market and state.

Dragnet Nation: A Quest for Privacy, Security, and Freedom in a World of Relentless Surveillance
by Julia Angwin
Published 25 Feb 2014

But he speculates that it is not a far leap from our current state of bathtub ads following us around. After all, if food engineers can design junk food to specifically target our taste buds in a way that makes us consume more and gambling companies can build slot machines that encourage us to play more, why won’t marketers design their online presence to manipulate us in new ways? Already, my privacy team had uncovered companies changing their prices based on a user’s location. And Calo speculates that companies will soon find ways to tailor prices based on when people are the most vulnerable—perhaps after a long day at work.

This Will Make You Smarter: 150 New Scientific Concepts to Improve Your Thinking
by John Brockman
Published 14 Feb 2012

Few realize, so far, that life code is spreading across industries, economies, countries, and cultures. As we begin to rewrite existing life, strange things evolve. Bacteria can be programmed to solve Sudoku puzzles. Viruses begin to create electronic circuits. As we write life from scratch, J. Craig Venter, Hamilton Smith, et al., partner with Exxon to try to change the world’s energy markets. Designer genes introduced by retroviruses, organs built from scratch, the first synthetic cells—these are further examples of massive change. We see more and more products derived from life code changing fields as diverse as energy, textiles, chemicals, IT, vaccines, medicines, space exploration, agriculture, fashion, finance, and real estate.

Frenemies: The Epic Disruption of the Ad Business
by Ken Auletta
Published 4 Jun 2018

Over two weeks in February 2016, it purchased two digital advertising agencies in Germany and one in the United States, and announced that it planned to open design studios in Prague, Warsaw, and Dubai. Worldwide, IBM had marketing offices in thirty locations and a staff of more than ten thousand performing creative and marketing design work for companies. Paul Papas, the global leader of its Interactive Experience division, announced, “We’re raising the bar for experience-led digital marketing and commerce.” Coupled with its October 2015 acquisition of the online assets of the Weather Company, weather.com, IBM made it clear that it was in the data business.

B Is for Bauhaus, Y Is for YouTube: Designing the Modern World From a to Z
by Deyan Sudjic
Published 17 Feb 2015

‘Conventionally, design is used to create objects that make us feel better about ourselves, to suggest that we are cleverer, or richer, or more important, or younger than we actually are,’ say Dunne and Raby. The mushroom-cloud cushion is a mildly sinister demonstration of the essentially ridiculous nature of this process. Our fear of the prospect of nuclear annihilation will no more be resolved by a cushion than a new kitchen will rescue a failing marriage. For the market, design is about production, it is not about debate. Mainstream design looks for ways to be innovative; Dunne and Raby want to be provocative. As they put it, rather than looking for concept design, they offer conceptual design. Rather than treating design as science fiction they say they are interested in social fiction.

Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time
by Howard Schultz and Dori Jones Yang

Dave Seymour, who has worked in distribution in the plant since 1982, became our unofficial photographer, and he has boxes of albums and home videos of those gatherings. I used to think that marketing was the most important department at Starbucks. Today, I’d say, unequivocally, it’s human resources. Our success depends entirely on the people we hire, retain, and promote. However outstanding our performance in marketing, design, real estate, manufacturing, store operations, new products, or R & D, it is ultimately interpreted and given life and meaning by the people of the company. How well each function is carried out depends entirely on how they feel about one another and how much they care about Starbucks. But how can 25,000 people feel intimate with a corporation?

Who’s Raising the Kids?: Big Tech, Big Business, and the Lives of Children
by Susan Linn
Published 12 Sep 2022

Today, these forces combine to create what’s best described as “consumer capitalism,” a sociopolitical economic system driven by, and in thrall to, consumption. Consumer capitalism depends on a population that must be primed continually to buy the things that businesses sell. Corporations, mass-producing goods for sale, stoke consumer demand through mass marketing designed to foment desire for products by blurring the distinction between wants and needs. This century’s stunning advances in digital technology, nurtured in a political climate that has been decidedly anti-regulation, provide more numerous, more sophisticated, and more subtle avenues for companies not just to market their wares widely but to target their advertising precisely to exploit and even mold individual needs, wants, and desires.

Beautiful security
by Andy Oram and John Viega
Published 15 Dec 2009

In addition, he is one of Symantec’s primary spokespersons for communicating critical information about security outbreaks to the public. He holds a B.S. in electrical and computer engineering from Carnegie Mellon University and is a Certified Information Systems Security Professional (CISSP). B ENJAMIN E DELMAN is an assistant professor at the Harvard Business School. His research focuses on market design, particularly regarding electronic markets and Internet advertising. His recent work compares the revenue of alternative structures of pay-per-click advertising auctions, quantifying the losses caused by early, inefficient auction systems. He has also analyzed the stability and truth-telling properties of certain online advertising mechanisms, and he has designed a simulated bidding environment to evaluate bidding strategies empirically.

Inside the Nudge Unit: How Small Changes Can Make a Big Difference
by David Halpern
Published 26 Aug 2015

Even in science it’s often remarked that ‘science progresses one coffin at a time’, as people so rarely change their views within their lifetimes.12 So what are the best ways of spreading new ideas and better practices? Is it peer-to-peer learning, or new forms of online education? Can we reshape incentives and market designs to catalyse the spread of better practice? These might seem less grand questions than how to address disadvantage or conflict, but they are fundamental to economic and social progress. A linked issue is to focus behavioural science on to organisations and governments themselves. It’s a common question at seminars, to which we have only a partial answer, as to how behavioural science can make organisations work better.

The Blue Sweater: Bridging the Gap Between Rich and Poor in an Interconnected World
by Jacqueline Novogratz
Published 15 Feb 2009

I believe this next generation will change the world. Everywhere I go, I meet young people who are hungry and ready to contribute. University students and freshly minted MBAs from across the globe ask me what skills they’ll need for meaningful work in serving the world. They should gain skills in the functional areas of business—marketing, design, distribution, finance—as well as in medicine, law, education, and engineering, because we need more people with tangible skills to contribute to building solutions that work for the poor. And they can be of service in this area by working for NGOs, progressive corporations, or governments. Our team has come to see the work not just as investing patient capital.

Trading Risk: Enhanced Profitability Through Risk Control
by Kenneth L. Grant
Published 1 Sep 2004

One very important group of market makers typically carries an edge into every transaction—those who operate as the designated liquidity provider for all transactions processed through a given market mechanism. Those with this designation include floor brokers on regulated exchanges, those who sit at banks and broker dealerships Bringin’ It on Home 223 trading against clients seeking access to specific markets, designated liquidity providers on electronic exchanges, and a small number of others. In exchange for a willingness to act as a buyer for investors wishing to sell and as a seller to investors wishing to buy, these entities typically are able to buy at the bid and/or sell at the offer, thereby creating a sustainable revenue flow that can be very lucrative indeed.

Lonely Planet Best of Spain
by Lonely Planet
Published 1 Nov 2016

Built by Domènech i Montaner between 1905 and 1908 for the Orfeo Català musical society, it was conceived as a temple for the Catalan Renaixença (Renaissance). Mercat de Santa Caterina Market map Google map (%93 319 57 40; www.mercatsantacaterina.com; Avinguda de Francesc Cambó 16; h7.30am-3.30pm Mon, Wed, Sat, to 8.30pm Tue, Thu, Fri, closed afternoons Jul & Aug; mJaume I) Come shopping for your tomatoes at this extraordinary-looking produce market, designed by Enric Miralles and Benedetta Tagliabue to replace its 19th-century predecessor. Finished in 2005, it is distinguished by its kaleidoscopic and undulating roof, held up above the bustling produce stands, restaurants, cafes and bars by twisting slender branches of what look like grey steel trees.

On the Clock: What Low-Wage Work Did to Me and How It Drives America Insane
by Emily Guendelsberger
Published 15 Jul 2019

Fitz The Mythology of Work: How Capitalism Persists Despite Itself, Peter Fleming Live Work Work Work Die: A Journey into the Savage Heart of Silicon Valley, Corey Pein Confronting Dystopia: The New Technological Revolution and the Future of Work, Eva Paus On economics An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith Capital, Karl Marx “Economic Possibilities for Our Grandchildren” (essay), John Maynard Keynes The Great Risk Shift: The New Economic Insecurity and the Decline of the American Dream, Jacob S. Hacker Capital in the Twenty-First Century, Thomas Piketty The Economics of Inequality, Thomas Piketty Who Gets What—and Why: The New Economics of Matchmaking and Market Design, Alvin E. Roth Misbehaving: The Making of Behavioral Economics, Richard H. Thaler Notes Introduction 1. Carl Benedikt Frey and Michael A. Osborne, “The Future of Employment: How Susceptible Are Jobs to Computerisation?,” Technological Forecasting and Social Change 114 (January 2017): 254–80.

Other People's Money: Masters of the Universe or Servants of the People?
by John Kay
Published 2 Sep 2015

Few of these effects are intended or desirable, and the notion that monetary policy is anonymous and impersonal is flawed. The thought experiment – suppose electricity were like finance – is not as fanciful as it might appear. In 1996 California began a process of deregulating its electricity industry, centred round the creation of a wholesale market in electricity. The market design retained a mixture of price caps and supply constraints but encouraged the entry of traders, including some with no, or only a negligible, interest in either the generation of electricity in California or the supply of electricity to the residents of the state. In the summer of 2000 and 2001 business and social life in California was disrupted by black-outs and price hikes in electricity.

The Future of Technology
by Tom Standage
Published 31 Aug 2005

In the laboratory it means that biotechnologists can create antibodies with active sites tailored to perform particular tasks. One task they are often asked to perform is to attach themselves to a cancer cell. Genentech, the oldest biotechnology company around, has two therapeutic antibodies on the market designed do just that: Herceptin, which attacks breast cancer, and Rituxan, which attacks a form of cancer called non-Hodgkin’s lymphoma. The latest wheeze, perfected by idec, is to attach a radioactive isotope to an antibody, so that when the isotope decays, the target cell is destroyed by the radiation.

Click Here to Kill Everybody: Security and Survival in a Hyper-Connected World
by Bruce Schneier
Published 3 Sep 2018

The third is by mandating disclosure: product-labeling laws and other transparency measures, testing and rating agencies, information sharing between government and industry, and breach disclosure laws. (Some of these disclosures are ex ante and others are ex post.) And the fourth is what I would broadly categorize as measures that affect the environment. These include deliberate market design, funding for research and education, and using the procurement process as a means to drive product improvement more broadly. That’s the toolbox. It’s what we have to work with. The goal of these kinds of policies isn’t to require that everything be made safe, but to create incentives for safe behavior.

Trading at the Speed of Light: How Ultrafast Algorithms Are Transforming Financial Markets
by Donald MacKenzie
Published 24 May 2021

Budish, Eric. 2016. “Investors’ Exchange LLC Form 1 Application (Release No. 34–75925; File No. 10–222).” Available at https://www.sec.gov/comments/10-222/10222-371.pdf, accessed May 28, 2018. Budish, Eric, Peter Cramton, and John Shim. 2015. “The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response.” Quarterly Journal of Economics 130/4: 1547–621. Budish, Eric, Robin S. Lee, and John J. Shim. 2019. “Will the Market Fix the Market? A Theory of Stock Exchange Competition and Innovation.” Available at http://faculty.chicagobooth.edu/eric.budish/research/Stock-Exchange-Competition.pdf, accessed March 11, 2019.

Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency
by Andy Greenberg
Published 15 Nov 2022

Throughout the operation, the Dutch team would hold what they called “evil plan” meetings, brainstorming ever more devious schemes to track and identify the unwitting users of the market they controlled. They created a list of those tactics, ordering the menu of surveillance actions from least likely to most likely to blow their cover. As they reached their endgame, they began to put their most brazen ideas into practice. Hansa had long ago implemented a standard feature for dark web markets, designed to protect their vendors: When sellers uploaded images for their product listings, the site automatically stripped those images of their metadata—information nested within the file such as what sort of camera had taken the photo and the GPS location of where the image was created. The Dutch had silently sabotaged that feature early on, recording images’ metadata before it was stripped, so as to catalog uploaders’ locations.

The Quest: Energy, Security, and the Remaking of the Modern World
by Daniel Yergin
Published 14 May 2011

In 2009, after several years of work, the state’s Independent System Operator (ISO) introduced a new market design. It incorporated experience from PJM and other systems as well as the painful lessons from what Mason Willrich, the chairman of the ISO, called the “flawed, flawed market” that had been put in place in California in the 1990s. This new design was intended to better reflect the true cost of electricity, including the cost of transmission congestion in the grid, and, with appropriate market monitoring, deliver the benefits of competition, rather than design a crisis.21 The major question today for electric power is no longer market design—regulation versus deregulation.

That Used to Be Us
by Thomas L. Friedman and Michael Mandelbaum
Published 1 Sep 2011

“What they have in common,” said Hogg, “is superb surgeons with high levels of skill, enthusiasm for the project, an interest in research, and reasonable costs.” What’s in it for America? As long as the venture money, core innovation, and key management comes from this country—a lot. If EndoStim works out, its tiny headquarters in St. Louis will grow much larger. The United States is where the best jobs—top management, marketing, design—and the main shareholders will be, said Hogg. Where innovation occurs and capital is raised still matters. To go from EndoStim to Eko India Financial Services—humming away in a garage in South Delhi—is to go from the most virtual of startups to the most conventional, but it is still striking how much they have in common.

The Coke Machine: The Dirty Truth Behind the World's Favorite Soft Drink
by Michael Blanding
Published 14 Jun 2010

It is modern, funny, emotional, simple, large, friendly, consistent, and everywhere.” Of course, such an approach to advertising raises the question: At what point are you anticipating customers’ needs and at what point are you creating them? Coke didn’t dwell on the ques­ tion long. For each attribute, the marketers designed a different ad, rolling them all together in a new campaign under the slogan “Always Coca-Cola” (which had the delicious double entendre of harkening back to Coke’s heritage while encouraging consumers to drink it at every occasion). At the same time, Zyman shook up Madison Avenue by spreading work among different agencies, having them compete for Coke’s vast advertis­ ing war chest.

Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis
by Anatole Kaletsky
Published 22 Jun 2010

[The capacity] of an organism or its parts that makes it more fit for existence under the conditions of its environment. —Webster’s Dictionary CAPITALISM 4.0 WILL BE an adaptive mixed economy. But what does this really mean? First, it will be explicitly a mixed economy. It will combine government and business in partnership rather than opposition and deliberately mix normal competitive markets, designed to be as transparent and efficient as possible, with a smaller number of controlled markets, consciously regulated to limit their “efficiency” in the narrow and misleading sense of Capitalism 3. Second, Capitalism 4.0 will be an adaptive system, able and willing to change its institutional structure, its regulations, and its economic principles in response to changing events.

Makers and Takers: The Rise of Finance and the Fall of American Business
by Rana Foroohar
Published 16 May 2016

Supercapitalism: The Transformation of Business, Democracy, and Everyday Life. New York: Alfred A. Knopf, 2007. Reinhart, Carmen M., and Kenneth S. Rogoff. This Time Is Different: Eight Centuries of Financial Folly. Princeton, NJ: Princeton University Press, 2009. Roth, Alvin E. Who Gets What—and Why: The New Economics of Matchmaking and Market Design. Boston: Houghton Mifflin Harcourt, 2015. Rothkopf, David. Power, Inc.: The Epic Rivalry Between Big Business and Government—and the Reckoning That Lies Ahead. New York: Farrar, Straus and Giroux, 2012. Saval, Nikil. Cubed: The Secret History of the Workplace. New York: Doubleday, 2014. Scheiber, Noam.

Life Inc.: How the World Became a Corporation and How to Take It Back
by Douglas Rushkoff
Published 1 Jun 2009

For example, the single largest sector of health care providers is never discussed in our health care debates because mothers don’t charge for their caregiving. Vital things such as breathable air and drinkable water have no monetary value until they become scarce. This is not an inherent behavior of markets, only for markets designed to revolve around artificially scarce currencies. Different currencies incentivize different behaviors and, hence, yield different economies. Information Age economies will replace commercial markets with more efficient, high-trust, self-organizing social networks that immediately channel appropriate resources where they are needed.

The Death of Money: The Coming Collapse of the International Monetary System
by James Rickards
Published 7 Apr 2014

By 2012, both China and the United States had engaged in extensive efforts to develop strategic and tactical financial warfare doctrines. It was in this context that our group was summoned to brief Andy Marshall and his team on the emerging threat. * * * Financial warfare has both offensive and defensive aspects. Offense includes malicious attacks on an enemy’s financial markets designed to disrupt trading and destroy wealth. Defense involves early detection of an attack and rapid response, such as closing markets or interdicting enemy message traffic. Offense can consist of either first-strike disruption or second-strike retaliation. In game theory, offense and defense converge, since second-strike retaliation can be sufficiently destructive to deter first-strike attacks.

Efficiently Inefficient: How Smart Money Invests and Market Prices Are Determined
by Lasse Heje Pedersen
Published 12 Apr 2015

Pedersen (2005), “Predatory Trading,” Journal of Finance 60, 1825–1863. Brunnermeier, M., and L. H. Pedersen (2009), “Market Liquidity and Funding Liquidity,” The Review of Financial Studies 22, 2201–2238. Budish, Eric, Peter Cramton, and John Shim (2013), “The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response,” working paper, University of Chicago. Buraschi, Andrea, Robert Kosowski, and Worrawat Sritrakul (2014), “Incentives and Endogenous Risk Taking: A Structural View on Hedge Fund Alphas,” Journal of Finance, forthcoming. Calvet, L. E., J. Y. Campbell, and P. Sodini (2007), “Down or Out: Assessing the Welfare Costs of Household Investment Mistakes,” Journal of Political Economy 115, 707–747.

Against Intellectual Monopoly
by Michele Boldrin and David K. Levine
Published 6 Jul 2008

See also non-compete clauses x-inefficiency, 68 tragedy of the commons, 156, 177 transaction costs, 254 Zimbabwe, 151–152 Document Outline Cover Half-title Title Copyright Contents Acknowledgments ONE Introduction Comments Notes TWO Creation under Competition Software �� �� Copyrightables: Books, News, Movies, and Music �� �� The Modern American Newspaper The World Before Copyright �� The Birth of the Movie and of the Recording Industries �� �� Comments Notes THREE Innovation under Competition World without Patent The Industrial Revolution and the Steam Engine Agriculture Spanish Hortalezas and Italian Maglioni Financial Markets Design Sports Profits without Patents Patent Pools Comments Notes FOUR The Evil of Intellectual Monopoly The Cost of Patent �� �� �� Undoing Progress �� �� �� �� �� Comments Notes FIVE The Devil in Disney Everlasting Copyright The Economics ofMusic The Digital Millennium Copyright Act Freedom of Expression From Policy Error to Policy Blunder: Mandating Encryption Rent Seeking and Taxes Notes SIX How Competition Works The Fruits of the Idea Tree Fixed Costs and Competition Indivisibility The Collaborative Advantage The First-Mover Advantage �� �� Ideas of Uncertain Value The Social Value of Imitation Notes SEVEN Defenses of Intellectual Monopoly Private Property and Public Goods Economic Arguments for Intellectual Monopoly Fixed Cost and Constant Marginal Cost �� The Imitative Externality Quantifying Unpriced Spillovers Secrecy and Patents Schumpeterian Good Monopoly The Idea Economy The Global Economy The Public Domain and the Commons Notes EIGHT Does Intellectual Monopoly Increase Innovation?

Lonely Planet Barcelona
by Isabella Noble and Regis St Louis
Published 15 Nov 2022

There are guided tours (€7.50), wine-and-chocolate pairings (€16) and a range of chocolate-fuelled activities for kids (book ahead online). TOP EXPERIENCE Shop for produce at Mercat de Santa Caterina Come shopping for your tomatoes or pop in for lunch at this extraordinary-looking produce market, designed by forward-thinking architects Enric Miralles and Bene-detta Tagliabue to replace its 19th-century predecessor. Completed in 2005 (sadly after Miralles’ death in 2000), it’s distinguished by its undulating, kaleidoscopic roof, suspended above bustling produce stands, restaurants, cafes and bars by twisting slender branches of what look like grey steel trees.

The Content Trap: A Strategist's Guide to Digital Change
by Bharat Anand
Published 17 Oct 2016

This was user-generated product, and then the products marketed themselves.” Next came a book outlining Winsor’s philosophy. But “my publisher titled it Beyond the Brand . They wouldn’t let me call it Co-Creation . That will never happen, they said. User-centered marketing will never happen.” Pro women athletes had been the first user-marketer-designer partnership for Winsor. And it had come naturally there: “Boulder is all about athletic hacking. Climbers would break things to make it easier to climb. Inline skaters would hack equipment. Nordic skiers would tweak materials. If you have the best hack, chances are it will help you win the race.”

Becoming Steve Jobs: The Evolution of a Reckless Upstart Into a Visionary Leader
by Brent Schlender and Rick Tetzeli
Published 24 Mar 2015

“You could see it in the meetings, he was taking morphine and you could see he was in pain, but he was still interested.” He did make some adjustments upon his return, most of which were simply extensions of the shifts in priority he’d made after his 2004 operation. He focused on the parts of the ongoing business he cared about most—marketing, design, and the product introductions—and he started to take active steps to ensure that he would leave Apple in good shape after his death. This was a process that had started earlier—Tim Cook says that Steve started thinking of succession and the post-Steve era of the company back in 2004—but everything accelerated now.

New World, Inc.
by John Butman
Published 20 Mar 2018

Other images depicted a mother and daughter, the child holding an Elizabethan doll, evidently a gift from one of the colonists; a medicine man identified as “the flyer,” who is shown hovering above the ground; and a squatting man and woman sharing a meal of hulled corn, which looks like popcorn, laid out neatly on a wooden platter. Also, White captured family gatherings, religious ceremonies, burial rituals, fishing, and farming.34 White’s paintings were not intended as works of art, although that is what they have become. They were visual marketing designed to stimulate interest from prospective investors and settlers. It was hoped that they would reassure would-be English colonists and quell their fears about making a life in America. White went to great lengths to portray the Indian culture as friendly, charming, and even familiar. Indeed, some of the Indians are presented in poses similar to those found in the costume books then popular in Europe.35 The chief crooks his elbow to rest the back of his wrist on his hip, looking almost like a gentleman waiting for his carriage.

Model Thinker: What You Need to Know to Make Data Work for You
by Scott E. Page
Published 27 Nov 2018

Just as rational-choice models provide an upper bound on people’s cognitive abilities, fixed-rule models provide a lower bound. A common fixed rule in markets, the zero intelligence rule, accepts any offer that produces a higher payoff. It never takes a stupid (i.e., utility-reducing) action. Suppose we want to gauge the efficiency of a one-sided market design in which sellers post take-it-or-leave-it offers for some good. A seller following a zero intelligence rule would randomly pick a price above her value. A buyer would purchase any good with a price below her value. When we encode those behaviors in a computer model, we find that in markets zero-intelligence traders produce nearly efficient outcomes.

After Steve: How Apple Became a Trillion-Dollar Company and Lost Its Soul
by Tripp Mickle
Published 2 May 2022

But it would take more than codifying Jobs’s thinking to ensure that Apple succeeded. The CEO wasn’t preoccupied with Harvard Business School concepts of organizational behavior. The company he had built operated like a starfish. He sat at the intersection of legs that focused on excellence in marketing, design, engineering, and supply-chain management. He would crawl out to the end of a leg when he wished to and get personally involved, directing each division as he saw fit. Before his death, Jobs pressed to keep the legs of Apple’s starfish together. He approached members of the executive team individually and pushed them to commit to remaining several more years at the company.

The Alchemists: Three Central Bankers and a World on Fire
by Neil Irwin
Published 4 Apr 2013

Tensions between the troika and Prime Minister George Papandreou’s government were growing as the lenders found Greece failing to live up to its commitments, particularly in privatizing state-run concerns such as telecommunications firm OTE and the ports of Piraeus and Thessaloniki. Reforms to the labor market designed to give employers greater flexibility to fire or cut the pay of workers were drawn up by representatives of the IMF and the ECB, translated into Greek legalese by an Athens law firm, and delivered to the government as legislation that was to be passed. That was the situation in the debtor countries of Europe.

Why Stock Markets Crash: Critical Events in Complex Financial Systems
by Didier Sornette
Published 18 Nov 2002

The artificial market project in particular focuses on the dynamics arising from interactions between human and artificial agents in a stochastic market environment in which agents learn from their interactions, using recently developed techniques in large-scale simulations, approximate dynamic programming, computational learning, and tapping insights in and resources from mathematics, statistics, physics, psychology, and computer science. This laboratory recently constructed an artificial market, designed to match those in experimental-market settings with human subjects, to model complex interactions among artificially intelligent (AI) traders endowed with varying degrees of learning capabilities [79]. The use of AI agents with simple heuristic trading rules and 132 chapter 4 learning algorithms shows that adding trend-follower traders to a population of empirical fundamentalists has an adverse impact on market performance, and the trend-follower traders do poorly overall.

Lonely Planet London
by Lonely Planet
Published 22 Apr 2012

London society, including such writers as Pepys, Fielding and Boswell, gathered here in the evenings looking for some action among the coffee houses, theatres, gambling dens and brothels. Lawlessness became commonplace, leading to the formation of a volunteer police force known as the Bow Street Runners (see Georgian London, Click here). In 1897 Oscar Wilde was charged with gross indecency in the now-closed Bow St magistrate’s court. A flower market designed by Charles Fowler was added at the spot where London’s Transport Museum now stands. During the 1970s the city traffic made it increasingly difficult to maintain the fruit and veg market so it was moved in 1974. Property developers loomed over the space and there was even talk of the market being demolished for a road but, thanks to the area’s dedicated residential community who demonstrated and picketed for weeks, the piazza was saved and transformed into what you see today.

The Crisis of Crowding: Quant Copycats, Ugly Models, and the New Crash Normal
by Ludwig B. Chincarini
Published 29 Jul 2012

LTCM didn’t see its hedge fund as the end product. Its goal was to apply quantitative and creative techniques to create an impressive financial company. Unfortunately, the hedge fund that would have provided the initial fuel to do this collapsed before it could be done. We were a couple of decades ahead of the market, designing solutions that now are being introduced for the first time: life-cycle savings and other innovations. Unfortunately, I don’t think the bank in Italy really understood this and caused negotiations to drag on. They were after the high returns of the LTCM fund at a time when stock markets were yielding double digits.

A Beautiful Mind
by Sylvia Nasar
Published 11 Jun 1998

William Safire, “The Greatest Auction Ever,” New York Times, 3.16.95, as quoted by Paul Milgrom, Auction Theory’ for Privatization (New York: Cambridge University Press, forthcoming). 3. Edmund Andrews, “Wireless Bidders Jostle for Position,” New York Times, 12.5.94. 4. Milgrom, Auction Theory for Privatization, op. cit. 5. Michael Rothschild, dean of the Woodrow Wilson School, remarks at conference, “Market Design: Spectrum Auctions and Beyond,” Princeton University, 11.9.95. 6. Peter C. Cramton, “Dealing with Rivals? Allocating Scarce Resources? You Need Game Theory” (Xerox, 1994). Nash provided the fundamental theory used to analyze and predict behavior in simple games in which rational players have complete knowledge of each other’s preferences and abilities.

Lonely Planet London City Guide
by Tom Masters , Steve Fallon and Vesna Maric
Published 31 Jan 2010

London society, including writers such as Pepys, Fielding and Boswell, gathered here in the evenings looking for some action among the coffee houses, theatres, gambling dens and brothels. Lawlessness became commonplace, leading to the formation of a volunteer police force known as the Bow Street Runners (see Georgian London, Click here). In 1897 Oscar Wilde was charged with gross indecency in the now-closed Bow St magistrate’s court. A flower market designed by Charles Fowler was added at the spot where London’s Transport Museum now stands. During the 1970s the city traffic made it increasingly difficult to maintain the fruit and veg market so it was moved in 1974. Property developers loomed over the space and there was even talk of the market being demolished for a road but, thanks to the area’s dedicated residential community who demonstrated and picketed for weeks, the piazza was saved and transformed into what you see today.

A History of Modern Britain
by Andrew Marr
Published 2 Jul 2009

It infuriated Britain’s fishermen, who would lose most of their traditional grounds to open European competition, particularly from French and Spanish trawlers. It was a second-best deal on the budget which would later be reopened by Margaret Thatcher. Above all it left intact the previous Common Market designed for the convenience of French farmers and Brussels-based bureaucrats, not for Britain. Vast slews of European law had to be swallowed whole, much of it objectionable to the British negotiators. Only at the very margins, dealing with New Zealand butter, for instance, did the Six make concessions – and the Commonwealth farmers’ deal was won at the expense of a worse agreement on the budget.