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Motivation• Build an automated exchange for trading goods and services
• Combine the speed of the stock exchange with the flexibility of eBay
+
Previous work
• Combinatorial auctions
• Standardized exchanges
• Standardized exchanges
- Complex goods - Asymmetry between buyers and sellers - Illiquid
- Simple goods - Symmetry between buyers and sellers - Liquid
Research goals
Build an automated exchangefor non-standardized goods.
• Allow complex constraints in the specification of desirable trades
• Support fast-paced trading for markets with millions of orders
Market
A market is a set of items that can be bought and sold.
Example:A car market is a set of all possible vehicles.
,–$1 for every ten miles.
;Mustang for $28,000 or Corvette for $32,000
Orders
An order is a subset of the market along with a price function.
Example:Any Mustang or Corvette
A buy order matches a sell order if:
There is item buy-items sell-items,such that buy-price(item) sell-price(item).
Matching
Price
Buy order
Sell order
Attributes
A specific market is defined by a list of attributes.
Example:A used-car market is a set of all possible vehicles, defined by model, year, and mileage.
An item specification may includelists of values and numeric ranges.
Buy orderModel: MustangYear: 2001..2003Mileage: 0..10K
Example:
Sell orderModel: MustangYear: 2003Mileage: 0
Attributes
A trader specifies acceptableitems by attribute values.
Attributes
0001
0203
Year
Model
Price
Camry Mustang Corvette
Buy orderModel: MustangYear: 2001..2003
Sell orderModel: MustangYear: 2003
Model
CorvetteMustang
Indexing tree
Mileage Mileage Mileage Mileage
50K
1996 Mustang,50K miles,
$7,000
1988 Corvette,20K miles,
$4,000
20K
1996 1997 19881986
Year Year
Model
CorvetteMustang
Indexing tree
Mileage Mileage
50K
1996 Mustang,50K miles,
$7,000
1988 Corvette,20K miles,
$4,000
20K
1996 1988
Year YearYear
Camry
1999
Mileage
1999 Camry,10K miles,
$18,000
10K
Mileage
2000
2000 Camry,180K miles,
$5,000
180K
Depth-first search
Model
Mileage
Year Year
CorvetteMustang
1996
50K
1996 Mustang,50K miles,
$7,000
Year
Camry
1999
Mileage
1999 Camry,10K miles,
$18,000
10K
Mileage
1988
1988 Corvette,20K miles,
$4,000
20K
Mileage
2000
2000 Camry,180K miles,
$5,000
180K
Buy Order:Any car made
after 1990
Best price
Cars and bonds• Car market with eight attributes
: 4,000 to 20,000 orders per second
bonds
• Bond market with two attributes
cars
number of orders
orde
rs p
er s
econ
d
102
103
104
105
101 103 104 105102
: 1,000 to 5,000 orders per second
Artificial markets
number of attributes1 3 10 30 100
orde
rs p
er s
econ
d
102
103
104
105
Synthetic market data:• 1 to 100 attributes• 300,000 orders