Market Design Working Group Meeting
Organized by Eric Budish, Michael Ostrovsky, and Parag A. Pathak
October 17-18, 2025
Royal Sonesta Hotel, Longfellow Room, 40 Edwin H. Land Blvd., Cambridge, MA
Format: 35 minutes for the presentation, 10 minutes for discussion.
Friday, October 17
8:30 am
Continental Breakfast
9:00 am

The Structure of the Non-Profit Organization

Canice Prendergast, University of Chicago

The Impact of Race-Blind and Test-Optional Admissions on Racial Diversity and Merit

Allen Sirolly, Columbia University
Hongyao Ma, Columbia University
Yash Kanoria, Columbia University
10:30 am
Break
11:00 am

When Speed is of Essence: Perishable Goods Auctions

Isa E. Hafalir, University of Technology Sydney
Onur Kesten, The University of Sydney
Katerina Sherstyuk, University of Hawaii at Manoa
Cong Tao, University of Technology Sydney

Dynamic Threats to Credible Auctions

Martino Banchio, Bocconi University
Andrzej Skrzypacz, Stanford University
Frank Yang, Stanford University
12:30 pm
Lunch (Grand Ballroom B, Level 2)
2:00 pm

Centralizing Procurement: The Roles of Scale, Selection and Variety

Claudia Allende, Stanford University and NBER
Juan Pablo Atal, University of Pennsylvania and NBER
Rodrigo Carril, Universitat Pompeu Fabra
José Ignacio Cuesta, Stanford University and NBER
Andres Gonzalez-Lira, PUC-Chile

Missing Markets for Innovation: Evidence from New Uses for Existing Drugs

Eric Budish, University of Chicago and NBER
Maya M. Durvasula, Stanford University
Benjamin N. Roin, Independent Researcher
Heidi L. Williams, Dartmouth College and NBER
3:30 pm
Break
(30 minutes each)
4:00 pm

The Economics of Large Language Models: Token Allocation, Fine-Tuning and Optimal Pricing (slides)

Dirk Bergemann, Yale University
Alessandro Bonatti, Massachusetts Institute of Technology
Alex Smolin, Toulouse School of Economics

Truthful Aggregation of LLMs with an Application to Online Advertising (slides)

Ermis Nikiforos Soumalias, University of Zurich
Michael J. Curry, Harvard University
Sven Seuken, University of Zurich

Auction Design for Artificial-Intelligence-Based Sponsored Search

Lawrence Ausubel, University of Maryland, College Park
5:30 pm
Adjourn
6:00 pm
Reception and Dinner - Royal Sonesta Hotel (Skyline Room, Level 2)
Saturday, October 18
8:30 am
Continental Breakfast
9:00 am

First-Price Principle and the Failure of Revenue Equivalence

Byeong-hyeon Jeong, University of Zurich
Marek Pycia, University of Zurich

Stable Matchings with Switching Costs

Boris Pittel, Ohio State University
Kirill Rudov, Analysis Group
10:30 am
Break
11:00 am

The Importance of Being Earnest (in Search Markets)

Brendan Daley, Johns Hopkins University
Jacob Sagi, University of North Carolina at Chapel Hill

Intermediaries in Bargaining: Evidence from Business-to-Business Used-Car Inventory Negotiations

Bradley Larsen, Washington University in St. Louis and NBER
Carol Hengheng Lu, Amazon, Inc.
Anthony Lee Zhang, University of Chicago
12:30 pm
Adjourn