Specifying and Monitoring Market Mechanisms Using Rights and Obligations

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Specifying and Monitoring Market Mechanisms Using Rights and Obligations

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Title: Specifying and Monitoring Market Mechanisms Using Rights and Obligations
Author: Michael, Loizos; Parkes, David C.; Pfeffer, Avi J.

Note: Order does not necessarily reflect citation order of authors.

Citation: Michael, Loizos, David C. Parkes, and Avi Pfeffer. 2005. Specifying and monitoring market mechanisms using rights and obligations. In Agent-Mediated Electronic Commerce VI, ed. P. Faratin, J. A Rodríguez-Aguilar, 188-201. Berlin: Springer. Previously published in Lecture Notes in Computer Science 3435: 188-201.
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Abstract: We provide a formal scripting language to capture the semantics of market mechanisms. The language is based on a set of well-defined principles, and is designed to capture an agent’s rights, as derived from property, and an agent’s obligations, as derived from restrictions placed on its actions, either voluntarily or as a consequence of other actions. Rights and obligations are viewed as first-class goods, from which we define fundamental axioms about well-functioning market-oriented worlds. Coupled with the scripting language is a run-time system that is able to monitor and enforce rights and obligations. Our treatment extends to represent a variety of market mechanisms, ranging from simple two-agent single-good exchanges to complicated combinatorial auctions.
Published Version: doi:10.1007/11575726_14
Other Sources: http://www.eecs.harvard.edu/econcs/pubs/rights_long.pdf
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:4000305
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