Market Mechanisms and Their Users

摘要

Online marketplaces represent ideal playing fields for market engineers and researchers in decision-making on mechanisms and aspects of information presentation. Rules and mechanisms for markets vary widely and continue to evolve, especially with the increasing amount of computer power which permits developing and implementing complex, memory-intensive mechanisms like combinatorial auctions. The other major factor in exchange transactions are the market participants and their interaction with such systems and the mechanisms. How humans react to specific set of market rules and principles determines the success or failure of this market. This introduces behavioral aspects to market design considerations.