Topics in Advanced Microeconomics Business, Management & Finance Program Fall 2023 Semester - Madrid

Students in Economics or Business learn a great deal about the markets: Where supply and demand come from, how to compute equilibrium prices, and what happens if some parameter changes. Other problems have at least a straightforward analysis in the curriculum. For example, the way we determine price matters and that, there are markets where prices have no role to play.
Market design is the discipline that has arisen from the serious considerations of these problems. If the role of a market is to decide who gets what Market design is the area of economics interested in how who gets what is decided.
The standard way to determine who gets what is using prices, but, when the number of objects is to be allocated is small and, perhaps, no homogeneous Auctions are the tools we use to allocate objects when prices. We will study them in this course.
In addition, monetary exchanges are many times out of the question. Think about school placement, course allocation, university admissions, and organ donation. In this case, the market design also has a well-defined set of tools called matching models.