Published August 28, 2017
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Trading in a Pure Exchange Economy without an Auctioneer: An Experimental Approach
- Creators
- Porter, David
- Rangel, Antonio
Abstract
This paper explores alternatives to the vVa1rasian Auctioneer for the allocation of resources in a pure exchange economy lacking a bilateral coincidence of wants. We have created three different computerized trading processes called BARTER, NUMERAIRE, and CARE (acronym for Computer Assisted Resource Exchange). CARE is a "smart market" in the sense that it contains computer algorithms that assist users in finding a coincidence of wants. The experimental results show that CARE outperforms BARTER and NUMERAIRE by extracting most of the gains from exchange with fewer contracts, lower volume, smaller utility swings, and lower variances in final utility positions.
Additional Information
We gratefully acknowledge the financial support from the Flight Projects Office of the Jet Propulsion Laboratory. All of the software design and implementation are the work of Wesley Boudville. Without his infinite patience and expert programming skills the Cassini Resource Exchange would not be a reality. We also thank John Casani and Dennis Malson who are the driving force for this new form of science management, and especially John Ledyard for his in any comments and encouragement.Attached Files
Submitted - sswp822.pdf
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Additional details
- Eprint ID
- 80857
- Resolver ID
- CaltechAUTHORS:20170828-140533521
- JPL
- Created
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2017-08-28Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 822