How Artificial Intelligence and Machine Learning Can Impact Market Design / Paul R. Milgrom, Steven Tadelis.

Format:

Book

Author/Creator:

Milgrom, Paul R.

Contributor:

National Bureau of Economic Research.

Tadelis, Steven.

Series:

Working Paper Series (National Bureau of Economic Research) no. w24282.

NBER working paper series no. w24282

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2018.

Summary:

In complex environments, it is challenging to learn enough about the underlying characteristics of transactions so as to design the best institutions to efficiently generate gains from trade. In recent years, Artificial Intelligence has emerged as an important tool that allows market designers to uncover important market fundamentals, and to better predict fluctuations that can cause friction in markets. This paper offers some recent examples of how Artificial Intelligence helps market designers improve the operations of markets, and outlines directions in which it will continue to shape and influence market design.

Notes:

Print version record

February 2018.