Specifying and monitoring market mechanisms using rights and obligations

Authors:
Loizos Michael;David C. Parkes;Avi Pfeffer
Affiliations:
Division of Engineering and Applied Sciences, Harvard University, Cambridge, MA;Division of Engineering and Applied Sciences, Harvard University, Cambridge, MA;Division of Engineering and Applied Sciences, Harvard University, Cambridge, MA
Venue:
AAMAS'04 Proceedings of the 6th AAMAS international conference on Agent-Mediated Electronic Commerce: theories for and Engineering of Distributed Mechanisms and Systems
Year:
2004

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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.