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MIT celebrates Nikhil Agarwal

Optimizing kidney donation and other markets without money
MIT economist Nikhil Agarwal analyzes the efficiency of markets that match suppliers and consumers but don’t use prices.

“In economics,” Agarwal says, “we often [assume] there’s the demand, the supply, the price, and the market clears, somehow. It just happens.” And yet, he says, “That’s not how a lot of markets work. There are all these different important markets where we do not allow prices.”

Scholars in the field of “market design,” therefore, closely examine these nonfinancial markets, observing how their rules and procedures affect outcomes. Agarwal calls himself a specialist in “resource allocation systems that do not use prices.” These include kidney donations: The law forbids selling vital organs. Many education systems and entry-level labor markets, for example, also fit into this category. "
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I've followed Nikhil's work for a long time--here are some other posts that mention his work.

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