The Design of Markets. The Nobel Lecture by Alvin Eliot Roth


Held in English, the University of Padua hosts the Nobel Lecture by Alvin Eliot Roth on Wednesday, 8 May, at 4 pm, in the Aula magna of Palazzo del Bo. The 2021 Nobel laureate in economics was awarded the illustrious prize with Lloyd Stowell Shapley "for the theory of stable allocations and the practice of market design". 

While engaged as a McCaw Professor of Economics at Stanford University, Roth thus became the Gund Professor of Economics and Business Administration Emeritus at Harvard University.

Following greetings from Vice-Rector Antonio Parbonetti and Galilean School of Higher Studies Director Gianguido Dall'Agata, Roth is welcomed by the Lead Coordinator of the Social Sciences Class of the Galilean School Antonio Nicolò.

Throughout his career, Alvin Eliot Roth has worked on developing empirical studies based on game theory by applying the principle of supply and demand to real-world problems. Driven to understand how market dynamics can be used to explain the distribution of resources, his work earned him the Nobel Prize for Economics together with his compatriot Shapley, who provided the starting algorithm for the research.

Roth also explores issues such as experimental economics and market design. But what are markets? How do they work? How do they fail? How can we make them work when they don't? Economists now present themselves as designers of markets that aim to unravel such questions. This is particularly difficult for matching markets, in which individuals can not choose what they want, but rather, markets for which you must be chosen. If a market has a selection or participation procedure it is considered a matching market.  

The Nobel laureate illustrates how economists help design and allocate matching markets like college admissions, labor markets, surrogacy, social housing allocation, or kidney exchange.

The Nobel Lecture on 8 May at Palazzo Bo is open to the public, by reservation only. The event is soldoud.

Live streaming of the event is available on the University’s dedicated YouTube channel.

On Tuesday, 7 May at 3 pm, Alvin Eliot Roth offers the "Controversial Markets and Repugnant Transactions" seminar for professors, researchers, and fellows of the Department of Economic Sciences of the University of Padua – dSEA via del Santo 33 in Padua.