Engineering Markets Initiative
A collaboration between McCormick Electrical Engineering and Computer Science and Kellogg Managerial Economics and Decision Sciences.
The Internet has enabled the creation of large-scale markets for the exchange of goods and services. These new markets - including everything from eBay to financial prediction markets to social networks like Facebook and Match.com - are fast, automated and based on large amounts of data. In the future, we can expect "smart markets" for energy helping to greatly reduce power consumption, and advancements in wireless technology that will increase efficiencies in communication.
These developments present new challenges, including computational and informational limitations, difficulties in bidding, pricing and allocation, and potential market manipulation. Engineering Markets explores how we can combine techniques from computer science, information theory and economics to understand these systems and design them to better help society use them.
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