Physical Sciences and Mathematics Commons^™

On The Effects Of Competition Between Agent-Based Double Auction Markets, Kai Cai, Jinzhong Niu, Simon Parsons

Publications and Research

Real market institutions, stock and commodity exchanges for example, do not occur in isolation. The same stocks and commodities may be listed on multiple exchanges, and traders who want to deal in those goods have a choice of markets in which to trade. While there has been extensive research into agent-based trading in individual markets, there is little work on this kind of multiple market scenario. Our work seeks to address this imbalance, examining how standard economic measures, like allocative efficiency, are affected by the presence of multiple markets for the same good. We find that while dividing traders between …

Automated Auction Mechanism Design With Competing Markets, Jinzhong Niu

Publications and Research

Resource allocation is a major issue in multiple areas of computer science. Despite the wide range of resource types across these areas, for example real commodities in e-commerce and computing resources in distributed computing, auctions are commonly used in solving the optimization problems involved in these areas, since well designed auctions achieve desirable economic outcomes.

Auctions are markets with strict regulations governing the information available to traders in the market and the possible actions they can take. Auction mechanism design aims to manipulate the rules of an auction in order to achieve specific goals. Economists traditionally use mathematical methods, mainly …