We study top trading cycles in a two-sided matching environment (Abdulkadiroglu and Sonmez (2003)) under the assumption that individuals’ preferences and objects’ priorities are drawn iid uniformly. We show that the number of individuals/objects assigned at each round follows a simple Markov chain and we explicitly derive the transition probabilities. This Markov property is used to shed light ...

A key issue in the MDA approach is the transformation of platform independent models to platform specific models. Before transforming to a platform specific model, however, it is necessary to select the appropriate platform. Various platforms exist with different properties and the selection of the appropriate platform for the given application requirements is not trivial. An inappropriate sele...

This paper introduces NEAT-based Evolutionary Computation as the basis for a fully automated trading system application. The system is designed to trade FX markets by detecting profitable currency cycles in the most widely traded currencies and forecasting future exchange rates. To do this, it relies on a fitness function that measures profitability, as well as a fitness function that measures ...

Subscription adaptations are becoming increasingly important across many content-based publish/subscribe (CPS) applications. In algorithmic high frequency trading, for instance, stock price thresholds that are of interest to a trader change rapidly, and gains directly hinge on the reaction time to relevant fluctuations. The common solution to adapt a subscription consists of a re-subscription, ...

a r t i c l e i n f o The recent proliferation of free trade agreements (FTAs) has resulted in an increasingly complex network of preferential trading relationships. The economics literature has generally examined the formation of FTAs as a function of the participating countries' economic characteristics alone. In this paper, we show both theoretically and empirically that the decision to ente...

In recent years, many brokerage firms and hedge funds use a trading system based on financial engineering and many algorithms. On the other hand, many personal investors judge their trade by their intuition or advices from stock analysts. Therefore, there are a big gap of a trading method between the institutional investors and the personal investors. The objective of this paper is to propose a...

We characterize the top trading cycles mechanism for priority-based allocation of indivisible objects when objects have general capacities. We say that a mechanism is top-priority trading-proof if the top ranked agent at any object can never benefit from obtaining (or trading for) a top priority of any agent assigned a copy of this object. This axiom captures a new way that top priorities are r...

Recent times have seen the rate of adoption of EDI systems decrease significantly. In an attempt to develop widely accessible EDI systems companies are looking to the Internet and emerging standards for data transportation. An XML-based electronic trading system is an example of a system that facilitates Internet-based EDI transactions. The purpose of this research is to investigate the issues ...

The publication of Michael Lewis’ Flash Boys in early April, 2014, generated an intense month-long wave of publicity surrounding high frequency trading (HFT) firms, much of it unfavorable. In a typical example, Paul Krugman, writing in a New York Times editorial that appeared just after publication of Flash Boys, conflated HFT trading practices with the proliferation of complex derivatives prod...

With the rapidly growing demand for the cloud services, a need for efficient methods to trade computing resources increases. Commonly used fixed-price model is not always the best approach for trading cloud resources, because of its inflexible and static nature. Dynamic trading systems, which make use of market mechanisms, show promise for more efficient resource allocation and pricing in the c...