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- Smart_market abstract "A "smart market" is a periodic auction which is cleared by the operations research technique of mathematical optimization, such as linear programming. The smart market is operated by a market manager. Trades are not bilateral, between pairs of people, but rather to or from a pool. A smart market can assist market operation when trades would otherwise have significant transaction costs or externalities.Most other types of auctions can be cleared by a simple process of sorting bids from lowest to highest. Goods may be divisible, as with milk or flour, or indivisible, as with paintings or houses. Finding a market-clearing allocation corresponds to solution of a simple knapsack problem, and does not require much computation. By contrast, a smart market allows market clearing with arbitrary constraints. During market design, constraints are selected to match the relevant physics and economics of the allocation problem. A good overview is given in.Combinatorial auctions are smart markets in which goods are indivisible, but some smart markets allocate divisible goods such as electricity and natural gas.Compared to traditional market structures, a smart market substantially reduces transaction costs, allows competition which would not be possible otherwise, and can eliminate externalities. Despite complex constraints, a smart market allows the benefits of a modern financial exchange system. Fulfilment of the contract is backed by the exchange; parties are generally anonymous; the market manager enforces regulation to ensure fairness and transparency; and markets are orderly, especially during stressful conditions.A smart market may be a one-sided auction in which participants buy from the market manager, a one-sided procurement (reverse auction) in which participants sell to the market manager, or two-sided, in which the market manager balances supplying participants with demanding participants. In a two-sided smart market, the market manager may be a net seller, a net buyer, or simply a revenue-neutral broker.Smart markets are achievable due to an enabling confluence of technologies: the internet to transmit users’ bids and the resulting prices and quantities, increased computation power to run the simulation and linear program, and real time monitoring.".
- Smart_market wikiPageExternalLink www.vencorp.com.au.
- Smart_market wikiPageID "21014777".
- Smart_market wikiPageLength "9157".
- Smart_market wikiPageOutDegree "28".
- Smart_market wikiPageRevisionID "679135645".
- Smart_market wikiPageWikiLink Auction.
- Smart_market wikiPageWikiLink Auctions.
- Smart_market wikiPageWikiLink Booth_School_of_Business.
- Smart_market wikiPageWikiLink Category:Game_theory.
- Smart_market wikiPageWikiLink Category:Mechanism_design.
- Smart_market wikiPageWikiLink Coase_theorem.
- Smart_market wikiPageWikiLink Combinatorial_auction.
- Smart_market wikiPageWikiLink Electricity_market.
- Smart_market wikiPageWikiLink Externalities.
- Smart_market wikiPageWikiLink Externality.
- Smart_market wikiPageWikiLink Generation.
- Smart_market wikiPageWikiLink Hydrological_optimization.
- Smart_market wikiPageWikiLink Integer_programs.
- Smart_market wikiPageWikiLink Knapsack_problem.
- Smart_market wikiPageWikiLink Linear_programming.
- Smart_market wikiPageWikiLink Market_clearing.
- Smart_market wikiPageWikiLink Mathematical_optimization.
- Smart_market wikiPageWikiLink Mechanism_design.
- Smart_market wikiPageWikiLink Monopoly.
- Smart_market wikiPageWikiLink Natural_gas.
- Smart_market wikiPageWikiLink Operations_research.
- Smart_market wikiPageWikiLink Procurement.
- Smart_market wikiPageWikiLink Reverse_auction.
- Smart_market wikiPageWikiLink Sorting.
- Smart_market wikiPageWikiLink Spectrum_auction.
- Smart_market wikiPageWikiLink Transaction_cost.
- Smart_market wikiPageWikiLink Transaction_costs.
- Smart_market wikiPageWikiLink Transport.
- Smart_market wikiPageWikiLink Transportation.
- Smart_market wikiPageWikiLink University_of_Chicago_Booth_School_of_Business.
- Smart_market wikiPageWikiLinkText "Smart market".
- Smart_market wikiPageWikiLinkText "smart market".
- Smart_market hasPhotoCollection Smart_market.
- Smart_market wikiPageUsesTemplate Template:Reflist.
- Smart_market subject Category:Game_theory.
- Smart_market subject Category:Mechanism_design.
- Smart_market hypernym Auction.
- Smart_market type Agent.
- Smart_market comment "A "smart market" is a periodic auction which is cleared by the operations research technique of mathematical optimization, such as linear programming. The smart market is operated by a market manager. Trades are not bilateral, between pairs of people, but rather to or from a pool.".
- Smart_market label "Smart market".
- Smart_market sameAs Smart_Market.
- Smart_market sameAs m.05b5rh4.
- Smart_market sameAs Q7544054.
- Smart_market sameAs Q7544054.
- Smart_market wasDerivedFrom Smart_market?oldid=679135645.
- Smart_market isPrimaryTopicOf Smart_market.