Alvin Roth on the Economics of Morally Contested Markets | Mindscape 353

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Economic markets are efficient ways of deciding fair prices, at least in ideal circumstances of perfect competition, information, and choice. But there is more to life than fair prices. Two people might decide on a fair price to carry out a contract killing, but society generally frowns on the idea. Many examples of morally contestable markets feature less consensus than that one: sex work, drugs, selling organs, adopting children. In his new book Moral Economics, economist Alvin Roth investigates how we should reason through such tricky cases, and what we can learn from them.

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Alvin Roth received his Ph.D. in operations research from Stanford University. He is currently the Craig and Susan McCaw Professor of Economics at Stanford University and the Gund Professor of Economics and Business Administration Emeritus at Harvard. He was President of the American Economic Association in 2017. He and Lloyd Shapley shared the 2012 Nobel Prize in Economics for "the theory of stable allocations and the practice of market design."

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