Market architectures and institutional testbedding: an experiment with space station pricing policies

Article Abstract:

Experimental economics was used to develop an efficient resource allocation scheme for National Aeronautics and Space Administration's space station project. The novel and ambitious application of the method entailed the most detailed and painstaking laboratory experiment ever undertaken to select a technique for allocating the scarce resources of the space station and associated launch vehicles. Of four mechanisms for resource allocation evaluated, those that rely on markets, the barter policy and the adaptive user selection mechanism, proved to be more efficient than the cost-based administered process.

Methods, Economic aspects, Pricing, Resource allocation, Space stations

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Costly offers and the equilibration properties of the multiple unit double auction under conditions of unpredictable shifts of demand and supply

Article Abstract:

An analysis of market behavior in the presence of taxes on tendered bids and asks in nonstationary markets reveals that market equilibration across periods may be observed, price discovery is incomplete and that price equilibration is slower with reduced efficiency. The study reveals that costs do impact the market somewhat but is not enough to deter investment or to influence market movements.

Research and Development in the Social Sciences and Humanities, Management Science, Analysis, Reports, Economic research, Marketing research, Market research, Social psychology

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