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Related Experiment Videos

Allocating uncertain and unresponsive resources: an experimental approach.

J S Banks, J O Ledyard, D P Porter

    The Rand Journal of Economics
    |January 4, 1990
    PubMed
    Summary

    Resource allocation problems with uncertain demand and rigidities are common. Existing market and administrative methods are inefficient, but new computer-assisted auction mechanisms significantly improve resource allocation efficiency.

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    Area of Science:

    • Operations Research
    • Economic Theory
    • Computer Science

    Background:

    • Many real-world economic problems involve multi-resource allocation under uncertainty, unresponsive supply, and demand indivisibilities.
    • Examples include job shop scheduling, airport operations, supercomputer allocation, zero-inventory planning, and NASA Space Station resource management.

    Purpose of the Study:

    • To address the inefficiency of traditional market and administrative procedures in complex resource allocation scenarios.
    • To develop and analyze novel mechanisms for more efficient resource allocation.

    Main Methods:

    • Experimental methods were employed to evaluate the performance of different organizational mechanisms.
    • Two new mechanisms, inspired by single-dimensional goods auctions and leveraging computer-assisted coordination, were developed and analyzed.

    Main Results:

    • Traditional market and administrative procedures exhibit low efficiency (60-65%) in these specific economic environments.
    • The newly developed computer-assisted mechanisms demonstrate significant improvements in resource allocation efficiency compared to existing methods.

    Conclusions:

    • There is a critical need for advanced mechanisms to optimize resource allocation in complex, uncertain, and rigid environments.
    • Computer-assisted coordination, integrated into auction-based mechanisms, offers a promising solution for enhancing economic efficiency.

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