Exchange Market for Complex Goods: Theory and Experiments
Eugene Fink (),
Josh Johnson () and
Jenny Hu ()
Netnomics, 2004, vol. 6, issue 1, 21-42
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.
Date: 2004
References: Add references at CitEc
Citations: View citations in EconPapers (1)
Downloads: (external link)
http://journals.kluweronline.com/issn/1385-9587/contents (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:kap:netnom:v:6:y:2004:i:1:p:21-42
Ordering information: This journal article can be ordered from
http://www.springer. ... ry/journal/11066/PS2
Access Statistics for this article
Netnomics is currently edited by Stefan Voß
More articles in Netnomics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().