Market Dynamics in Cyberspace

本研究项目旨在指导互联网新市场的建设。它将有助于回答以下问题：订单流应该只对专家开放还是对所有人开放？最后一秒的订单应该被扣分吗？应该只有市场的一方（比如卖家）公布价格，还是双方都公布价格？应该鼓励还是不鼓励自动买卖？总的来说，一个新市场在快速引导聪明（但自利）的交易者进行高效交易并鼓励他们参与方面有多有效？将实施三个项目来回答这些问题。第一个项目研究自动接入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不同市场制度的有效性。第三个项目比较了互联网接入的不同定价方案。将采用四种互补的方法：1)市场均衡和暂态绩效的理论模型；2)交易员及其市场互动的计算机模拟；3)人工交易员与自动交易员互动的实验室市场；4)对近期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.