A COMPUTATIONAL MARKET MODEL BASED ON INDIVIDUAL ACTION

Abstract

There has been much recent interest in studying the implications of economic behavior by simulating markets. For example, the group at the University of Arizona used the PLATO computer network to conduct laboratory experiments with double auctions using human participants 17 . More recent results from a double auction tournament with computer trading programs is reported by Rust et. al. 13 Smith 15 gives an overview of the literature on experimental economics. Work at Xerox PARC uses market-based ideas to allocate computer resources (see Huberman and Hogg 9 , Waldspurger et al. 16 , for example). The term "computational ecology" has been used to describe this emerging field. Finally, recent work at Cal Tech by Ledyard et. al. 11 and Porter and Rangel 12 uses computerized exchange mechanisms to allocate resources in a space exploration project. Experimental

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