By Eduardo Azevedo, Eric Budish (auth.), Peter Coles, Sanmay Das, Sébastien Lahaie, Boleslaw Szymanski (eds.)
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Extra resources for Auctions, Market Mechanisms, and Their Applications: Second International ICST Conference, AMMA 2011, NewYork, NY, USA, August 22-23, 2011, Revised Selected Papers
Furthermore, the market makers in Agrawal et al. 3 Our Loss-Bounded Market Makers We now show that using a constant-utility cost function with a log-like utility function and an always-positive measure produces a market maker with bounded loss over separable measure spaces that never oﬀers bets to agents which are immediately bad. These are the ﬁrst market makers to have both of these properties. These market makers could be used over continuous spaces, for instance, to create time and location markets for natural disasters like earthquakes, tornadoes, and hurricanes.
This suggests that our automated market maker could prove to be a practical choice for markets with real money. 26 A. Othman and T. Sandholm We achieve these properties through realizing the notion of “driving proﬁts toward liquidity”, an idea that has never been successfully and fully implemented in an automated market maker. Probably the closest prior eﬀort is the market maker of Othman et al. , which features a liquidity-sensitive market maker with a shrinking bid/ask spread. However, that market maker can only shrink its bid/ask spread to a positive constant determined a priori, not arbitrarily small.
Keywords: online advertising, sponsored search auction, generalized second price auction, experiment. We are grateful to Jacob and Michelle Goeree, John Kagel, Dan Levin, Michael Ostrovsky, Michael Schwarz, and the participants at the Ohio State University, University of Zurich and the WCU Market Design Conference held at Yonsei University in August 2010, for valuable comments, and to Brian Wallace for writing the experimental program, and to Tom Rutter for helping us run the experiment. Che and Kim acknowledge the support by WCU program through the National Research Foundation of Korea funded by the Ministry of Education, Science and Technology (R32-2008-000-10056-0).
Auctions, Market Mechanisms, and Their Applications: Second International ICST Conference, AMMA 2011, NewYork, NY, USA, August 22-23, 2011, Revised Selected Papers by Eduardo Azevedo, Eric Budish (auth.), Peter Coles, Sanmay Das, Sébastien Lahaie, Boleslaw Szymanski (eds.)