Related papers: Markets are Dead, Long Live Markets
Monetary markets serve as established resource allocation mechanisms, typically achieving efficient solutions with limited information. However, they are susceptible to market failures, particularly under the presence of public goods,…
A distributed, hierarchical, market based approach is introduced to solve the economic dispatch problem. The approach requires only a minimal amount of information to be shared between a central market operator and the end-users. Price…
Exchange markets are a significant type of market economy, in which each agent holds a budget and certain (divisible) resources available for trading. Most research on equilibrium in exchange economies is based on an environment of…
Should the organization, design and functioning of electricity markets be taken for granted? Definitely not. While decades of evolution of electricity markets in countries that committed early to restructure their electric power sector made…
Some of the most relevant future applications of multi-agent systems like autonomous driving or factories as a service display mixed-motive scenarios, where agents might have conflicting goals. In these settings agents are likely to learn…
As energy markets begin clearing at sub-hourly rates, their interaction with load control systems becomes a potentially important consideration. A simple model for the control of thermal systems using market-based power distribution…
Motivated by the problem of market power in electricity markets, we introduced in previous works a mechanism for simplified markets of two agents with linear cost. In standard procurement auctions, the market power resulting from the…
Multi-access edge computing (MEC) is one of the enabling technologies for high-performance computing at the edge of the 6 G networks, supporting high data rates and ultra-low service latency. Although MEC is a remedy to meet the growing…
Research funding systems are not isolated systems - they are embedded in a larger scientific system with an enormous influence on the system. This paper aims to analyze the allocation of competitive research funding from different…
We introduce a model for a market based economic system of cyber-risk valuation to correct fundamental problems of incentives within the information technology and information processing industries. We assess the makeup of the current day…
The traditional cycle of industrial products has been linear since its inception. Raw resources are acquired, processed, distributed, used and ultimately disposed of. This linearity has led to a dangerously low efficiency degree in resource…
In this review article we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions…
Many of today's online services provide personalized recommendations to their users. Such recommendations are typically designed to serve certain user needs, e.g., to quickly find relevant content in situations of information overload.…
Over the past years, distributed energy resources (DER) have been the object of many studies, which recognise and establish their emerging role in the future of power systems. However, the implementation of many scenarios and mechanism are…
Data only generates value for a few organizations with expertise and resources to make data shareable, discoverable, and easy to integrate. Sharing data that is easy to discover and integrate is hard because data owners lack information…
Persistent economic competition is often justified as a mechanism of innovation, efficiency, and welfare maximization. Yet empirical evidence across disciplines reveals that competition systematically generates fragility, inequality, and…
Enterprise resource planning (ERP) systems enjoy an increasingly wide coverage. However, no truly integrate solution has been proposed as yet. ERP classification is given. Recent trends in commercial systems are analyzed on the basis of…
P2P clusters like the Grid and PlanetLab enable in principle the same statistical multiplexing efficiency gains for computing as the Internet provides for networking. The key unsolved problem is resource allocation. Existing solutions are…
Minimalist market design is an economic design framework developed from the perspective of an outsider -- one seeking to improve real institutions without a commission or official mandate. It offers a structured, "minimally invasive" method…
Over the past decade, crowdsourcing has emerged as a cheap and efficient method of obtaining solutions to simple tasks that are difficult for computers to solve but possible for humans. The popularity and promise of crowdsourcing markets…