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Related Experiment Videos

Smart computer-assisted markets.

K A McCabe, S J Rassenti, V L Smith

    Science (New York, N.Y.)
    |October 25, 1991
    PubMed
    Summary
    This summary is machine-generated.

    This study uses laboratory experiments to test auction markets for deregulating network industries like natural gas and electricity. Results show these markets can be feasible and efficient, challenging traditional views on regulation.

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    Area of Science:

    • Economics
    • Market Design
    • Network Industries

    Background:

    • Deregulation trends necessitate new market structures for interdependent network industries.
    • Traditional economic models suggested these industries require regulation due to scale and coordination economies.
    • Auction markets offer a potential alternative for managing resource allocation and pricing.

    Purpose of the Study:

    • To experimentally investigate the feasibility, limitations, incentives, and performance of auction market designs for deregulating network industries.
    • To assess whether decentralized agents can effectively participate in computerized auction markets.
    • To provide empirical evidence to inform the development of new economic theories for regulated industries.

    Main Methods:

    • Laboratory experiments simulating auction markets for natural gas and electric power systems.

    Related Experiment Videos

  • Decentralized agents submitting bids and offers to a central dispatch system.
  • Computer algorithms determining prices and allocations to maximize exchange gains.

    • Main Results:

    • Experimental auction markets demonstrated feasibility in coordinating decentralized agents.
    • The proposed market designs showed potential for efficient price and allocation determination.
    • Results challenge the necessity of traditional regulation for achieving economies in these industries.

    Conclusions:

    • Experimental auction markets are a viable mechanism for deregulating interdependent network industries.
    • These markets can overcome traditional barriers previously thought to necessitate regulation.
    • The findings support the development of new theoretical frameworks for market-based industry management.