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Exchange Market for Complex Goods: Theory and Experiments

Author

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  • Eugene Fink
  • Josh Johnson
  • Jenny Hu

Abstract

The modern economy includes a variety of markets, and the Internet has opened opportunities for efficient on-line trading. Researchers have developed algorithms for various auctions, which have become a popular means of on-line sales. They have also designed algorithms for exchange markets, which support fast-paced trading of standardized goods. On the other hand, they have done little work on exchanges for complex nonstandard goods, such as used cars. We propose a formal model for trading complex goods, and present an exchange system that allows traders to describe desirable purchases and sales by multiple attributes; for example, a car buyer can specify a model, options, color, and other properties of a desirable vehicle. Furthermore, a trader can enter complex constraints on the acceptable items; for instance, a buyer can specify a set of desirable vehicles and their features. The system supports markets with up to 260,000 orders, and generates hundreds of trades per second.

Suggested Citation

  • Eugene Fink & Josh Johnson & Jenny Hu, 2004. "Exchange Market for Complex Goods: Theory and Experiments," Netnomics, Springer, vol. 6(1), pages 21-42, April.
    • Handle: RePEc:kap:netnom:v:6:y:2004:i:1:p:21-42
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    Cited by:

    1. Cheng, Meng & Xu, Su Xiu & Huang, George Q., 2016. "Truthful multi-unit multi-attribute double auctions for perishable supply chain trading," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 93(C), pages 21-37.

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