ITR: Rapid Response Electronic Markets for Time Sensitive Goods

University Of Maryland, College Park, College Park MD

Investigators

Abstract

This research project will examine the technologies and models required to enable rapid response electronic markets for time-sensitive goods. The research will be carried out by a multidisciplinary team from Management Science, Economics and Computer Science at the University of Maryland, and will include collaborators from industry: Avendra, GE Global Exchange and IBM. Time sensitive goods have an associated time attribute. Examples include aircraft landing time slots, tickets to entertainment events, and hotel rooms on a particular day. The project methodology includes (1) empirical analysis of electronic markets to understand the current state-of-art of models and technology, (2) design of market structures and mechanisms, (3) design of data delivery systems, (4) design of market software agents, and (5) implementation of project results. Before time-sensitive goods can be extensively traded in eMarketplaces, new market mechanisms (with extensions of economic theory), and rapid response IT technologies (with associated efficient optimization algorithms) are needed to handle these goods in an online environment, and to enable market agents (buyers and sellers) to reach "equilibrium" quickly. Integrating time-sensitive goods in disparate electronic marketplaces will require new advances in the design of data delivery systems, and will require significant changes in the fundamental propositions governing online agent behavior.