Incentives, Auctions, AI – Rethinking Markets

#ZEWPodcast Incentives, Auctions, AI – Rethinking Markets

Not every market regulates itself, as we know from electricity markets or auctions of mobile phone frequencies. Shaping complex markets and finding efficient solutions quickly through optimal design is one of the main concerns of market design. In the new ZEW podcast, Nobel Prize winner Paul Milgrom, professor at Stanford University in the USA, talks about the importance of a systematic approach and how theory can best be put into practice. He also discusses the tension between efficiency and fairness in organ donations in Iran and why he particularly appreciates it when young academics contribute their own ideas to research. The interview was conducted by Katrin Müller, Head of ZEW Communications.