The emerging field of market design utilizes tools from economic theory, computational economics, and experimental economics to provide practical solutions to real-life resource allocation problems. Some especially successful applications include auctions, school choice, and kidney exchange.
2012 Market Design Nobel Prize
The increasing role of market design in mainstream economics was reaffirmed with the award of 2012 Nobel Prize in Economics to Alvin Roth and Lloyd Shapley for their contributions on “Stable Allocations and the Practice of Market Design.”
I thank the Nobel Committee for their recognition of my research program in the following Scientific Background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2012.
2018 John Bates Clark Medal
Congratulations to my close friend and long time co-author Parag Pathak for receiving the 2018 John Bates Clark Medal, awarded annually to an American economist under the age of forty who is judged to have made the most significant contribution to economic thought and knowledge.
The prominent role our research program on school choice played in this major recognition can be seen in the following award description by the AEA.