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A Decentralized, Smart Market Solution to a Class of Back-Haul Transportation Problems: Concept and Experimental Test Beds

Brewer, Paul J. and Plott, Charles R. (2002) A Decentralized, Smart Market Solution to a Class of Back-Haul Transportation Problems: Concept and Experimental Test Beds. Interfaces, 32 (5). pp. 13-36. ISSN 0092-2102. https://resolver.caltech.edu/CaltechAUTHORS:20140317-141301705

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Abstract

Back haul problems occur in many areas of transportation. One-way rental often takes equipment, such as cases and containers, from an area of high demand to an area of low demand. The problem is to return the equipment to the location of need, a problem typically viewed as an administrative and scheduling problem. We developed a decentrali7cd approach in which a specially designed market organizes competition and information to minimize the cost of back-hauls without the direct intervention of administrative negotiations or command-and- control types of scheduling. We employed laboratory experimental methods to test the concept, examine its performance against theoretical benchmarks, and explore its limitations.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://www.jstor.org/stable/25062844OrganizationJSTOR
Additional Information:© 2002 INFORMS. The authors gratefully acknowledge funding for this research, which was provided in the United States by the Caltech Laboratory for Experimental Economics and Political Science, together with the National Science Foundation.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
Caltech Laboratory for Experimental Economics and Political ScienceUNSPECIFIED
NSFUNSPECIFIED
Subject Keywords:Transportation: costs. Games/group decisions: bidding/auctions
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Social Science Working Paper1082
Issue or Number:5
Record Number:CaltechAUTHORS:20140317-141301705
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20140317-141301705
Official Citation:A Decentralized, Smart Market Solution to a Class of Back-Haul Transportation Problems: Concept and Experimental Test Beds Paul J. Brewer and Charles R. Plott Interfaces Vol. 32, No. 5, Experimental Economics in Practice (Sep. - Oct., 2002), pp. 13-36 Published by: INFORMS Article Stable URL: http://www.jstor.org/stable/25062844
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:44359
Collection:CaltechAUTHORS
Deposited By: Susan Vite
Deposited On:18 Mar 2014 20:33
Last Modified:03 Oct 2019 06:17

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