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Category Archives: Market Design

Taxi economics: Lower fare and higher drivers’ income can coexist

The one thing I am impressed the most with my stay here in the US is the creativity and entrepreneurship of the young people. When there is a problem, there is always a solution–and people can make money from it. I once moaned about the difficulty of getting a taxi in Boston, and have recently found […]

The economics profession: Why are there star economists?

This is a small world, as we know it. Most people are connected through the so-called “six degrees of separation”. But what does it mean for our professional life? Researchers have found very short paths in collaboration networks within professional communities. There is a “connection” if two authors have collaborated/coauthored before. A “path” means the […]

Course bidding: Is auction always the best?

I’m back to Harvard where I have to decide on which classes to take in the new semester. Naturally, some classes (or professors) are more popular – much more popular – than others. So there exists a natural economic question: how should we allocate the scarce resources (seats) to all the students? The Harvard Kennedy […]