ICE: an Iterative Combinatorial Exchange

Authorship

Primary: Benjamin Lubin, Adam Juda, David Parkes
Additional: Ruggiero Cavallo, Sebastien Lahaie, Jeffrey Shneidman
Early and Related Work: Nick Elprin, Loizos Michael, Hassan Sultan

Description

For several years we have been working on the design, implementation and analysis of a fully expressive, iterative combinatorial exchange (ICE). The exchange incorporates a tree-based bidding language (TBBL) that is concise and expressive for CEs. Bidders specify lower and upper bounds in TBBL on their value for different trades and refine these bounds across rounds. These bounds allow price discovery and useful preference elicitation in early rounds, and allow termination with an efficient trade despite partial information on bidder valuations. All computation in the exchange is carefully optimized to exploit the structure of the bid-trees and to avoid enumerating trades. A proxied interpretation of a revealed-preference activity rule, coupled with simple linear prices, ensures progress across rounds.

Publications

Data and Downloads


© 2007 Benjamin Lubin blubin {at} eecs {dot} harvard {dot} edu