Collaborative Research: IT-Enhanced Market Design and Experiments

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The objective of this research is to identify the market formats, agent designs, and composite information service specifications that, in realistic information technology (IT) environments, best promote economic prosperity. The global economy is in the midst of large-scale transformation driven by innovations in IT and the explosive growth of the Internet. IT is reshaping markets and consumer and enterprise behavior, while at the same time business realities determine which IT innovations are viable. Little is yet known about the economic and social impacts of this transformation. Significant new research is needed on various types of IT-enhanced economic environments, including: markets with asynchronous participation; markets with automated agents; new market formats enabled by IT; and new composite information services. Automated trading agents play an increasing role in the IT-enabled markets, and their interaction with human traders demands close scrutiny.The methods to be employed in this project include the development of new theoretical models and the testing and refinement of the models in controlled experiments with human subjects. To date, the most detailed scientific knowledge of trader behavior and market performance is confined to classic market formats and to very simple goods. This research will expand that classical knowledge, test its robustness, and open new lines of inquiry by considering a broader range of market formats (one-sided auctions, two-sided markets and new hybrids), a broader range of goods (including new composite IT service products), and a broader range of behavior (including human interaction with automated agents).The scientific knowledge generated by the research will disseminate swiftly into the community of e-commerce practitioners, and will help provide a sounder basis for integrating IT into the world economy. The platforms for running the various market formats and automated agents will be incorporated into the National Science Digital Library, enhancing infrastructure for teaching and research. Teaching, training and learning will be promoted directly for numerous graduate students who serve as research assistants and programmers; some undergraduates will also help with the programming and hundreds will serve as laboratory subjects who become experienced in market trading and controlling market agents. Given the ethnicity of students at the campuses, and given the history of employment at the labs, a large share of the educational benefits are likely to accrue to women and members of minority groups.