In the past fifteen years, the emerging field of Market Design has solved important practical problems, and clarified both what we know and what we don’t yet know about how markets work. The challenge is to understand complex markets well enough to fix them when they’re broken, and implement...

In the past, judges have often hired applicants for judicial clerkships as early as the beginning of the second year of law school, for positions commencing approximately two years down the road. In the new hiring regime for federal judicial law clerks, by contrast, judges are exhorted to follow...

We report on the design of the new clearinghouse adopted by the National Resident Matching Program, which annually fills approximately 20,000 jobs for new physicians in the United States. Because that market exhibits many complementarities between applicants and between positions, the theory of...

From 1986 through 1997 the entry-level market for American gastroenterologists was organized by a centralized clearinghouse. Before, and since, it has been conducted via a decentralized market in which appointment dates have unraveled to well over a year before the start of employment. The...

This article distinguishes criminal, legal, and ethical transplantation as three distinct concepts, with the goal of building a conceptual framework to enable innovation. We strongly believe that international efforts should concentrate on increasing the availability of ethical high-quality...

This paper examines non-price competition among colleges to attract highly qualified students, exploiting the South Korean setting where the national government sets rules governing applications. We identify some basic facts about the behavior of colleges before and after a 1994 policy change...

We report on the design of the new clearinghouse adopted by the National Resident Matching Program, which annually fills approximately 20,000 jobs for new physicians in the United States. Because that market exhibits many complementarities between applicants and between positions, the theory of...

The collapse of the clearinghouse for the entry-level gastroenterology labor market offers a unique opportunity to study how stable clearinghouses succeed and fail. To explore the reasons for the failure of the clearinghouse (and why failures of this kind of clearinghouse have been so rare), we...