Michael, LoizosParkes, DavidPfeffer, Avi2010-04-282005Michael, 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: 188-201.978-3-540-29737-60302-9743http://nrs.harvard.edu/urn-3:HUL.InstRepos:4000305We 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.en-USMonograph or Book2010-04-2810.1007/11575726_14