With the growth of electronic markets, designing double auction mechanisms that are applicable to emerging market structures has become an important research topic. In this paper, we investigate two truthful double auction design approaches, the Trade Reduction Approach and the Multi-Stage Design Approach, and compare their resulting mechanisms in various exchange environments. We find that com...

The troubled introduction of an American air computerized reservation system at French Railways reflects the difficulty of transforming European public rail transport into a market-oriented industry. Computerized reservation systems played an important role in supporting increased competition, providing a global strategic advantage and modifying market structures in the US air industry. However...

In this study, we re-examine the failure of formation of electronic markets for the air cargo industry. Using an economic theory called Core Theory, we provide an alternate explanation. Core theory explains why: a) such a failure might have been anticipated and b) the failure to form an electronic market may in fact be beneficial for the industry as a whole.

Automated market makers are algorithmic agents that provide liquidity in electronic markets. We construct two new automated market makers that each solve an open problem of theoretical and practical interest. First, we formulate a market maker that has bounded loss over separable measure spaces. This opens up an exciting new set of domains for prediction markets, including markets on locations ...