Market Dynamics in Cyberspace

该研究项目旨在指导互联网上新市场的建设。它将有助于回答以下问题：订单流应该只对专家还是对所有人开放？最后一秒的订单应该受到惩罚吗？应该只有市场的一方（如卖方）张贴价格，还是双方？应该鼓励还是不鼓励自动化的买家和卖家？总的来说，一个新市场在迅速引导聪明（但自私）的交易者进行有效交易并鼓励他们参与方面有多有效？将开展三个项目来回答这些问题。第一个项目研究自动访问策略如何影响互联网拥塞。第二个项目比较了在类似互联网的环境中其他市场机构的有效性。第三个项目比较了互联网接入的各种定价办法。将采用四种互补的方法：1）市场均衡和瞬态性能的理论模型; 2）交易者及其市场互动的计算机模拟; 3）人类交易者与自动交易者互动的实验室市场;以及4）最近互联网活动的统计分析。

This research project is undertaken to guide the construction of new markets on the Internet. It will help answer the following questions: Should the order flow be accessible only to specialists or to everyone? Should last-second orders be penalized? Should only one side of the market (say sellers) post price, or both sides? Should automated buyers and sellers be encouraged or discouraged? In general, how effective is a new market in quickly leading intelligent (but self-interested) traders to efficient transactions and encouraging their participation? Three projects will be carried out to answer these questions. The first project examines how automated access strategies affect Internet congestion. The second project compares the effectiveness of alternative market institutions in Internet-like environments. The third project compares alternative pricing schemes for Internet access. Four complementary methodologies will be employed: 1) theoretical models of market equilibrium and transient performance; 2) computer simulations of traders and their market interactions; 3) laboratory markets with human traders interacting with automated traders; and 4) statistical analysis of recent Internet activity.