Market design: Changing the Game
Economics is a very wide field within the Social Sciences, and deals with many topics that have a direct effect on people`s lives, as well as in the environment. I believe one cannot serve man if one does not know who man is. One can only serve man in light of the truth about man. Understanding human behavior, the decision-making process of our species and developing strategies to deal with our discoveries, seeking to guide humanity into the best possible path is essentially the economist’s job, my job.
Within the complexity of Economics, I have chosen to specialize in understanding market structures, because at this day in age, markets are the main background and mechanism of interaction that our society uses in order to organize resource allocation. Our labor force is allocated through the job market, the consumers get access to the goods they need through markets, the financial system is nothing but a collection of monetary market structures. Even a significant portion of company ownership is often negotiated through the stock market. Truth be told, organizing things in markets has become second nature to our life in society, and I believe that most of the crisis our world is constantly finding itself in is due to people trying to work the markets to their advantage, without deep thought or effort into understanding its mechanism and its limitations.
Once I finish my PhD Economics program at KU and receive my degree, I would like to pursue a career which allows me to keep on doing research in the field, but also to develop projects in market design. “Market design” examines the reasons why markets institutions fail and considers the properties of alternative mechanisms, in terms of efficiency, fairness, incentives, and complexity. Market design is all about challenging the status quo, and not taking an existent market structure as given, but rather thinking what is the best it can be. Changing a market is much more than simply changing the rules of the game, it changes the propagation mechanisms for the decisions of all those involved in this market (i.e. all those interacting in this environment), allowing us to completely shape a better society by dealing at the core. Research on market design brings together theoretical, empirical, and experimental methods, with an aim of studying policy-relevant tradeoffs with practical consequences. The best part about it: the academics of it makes no sense without practice, and practice without seeking to improve theory is shallow. Therefore, I would like to lead the field in the years to come, not only in developing meaningful research and deepen our understanding of market structures so to avoid bubbles and crisis as the ones we are facing and have been facing in this new order of capitalism; but also on changing and shaping markets everyday to the best they can be, so that our society may fulfill its potential to the fullest, without leaving anyone behind.