Before revision:  We develop a general theory of reserve design, introduce new concepts such as cutoff equilibria and smart reserves, extend  previously-known ones such as sequential reserve matching, and relate these concepts to current debates  .
After revision:  We develop a general theory of reserve design, introduce new concepts such as cutoff equilibria and smart reserves, extend previously-known ones such as sequential reserve matching, and relate these concepts to current debates , and present preliminary policy impact .