The sciences of the artificial (3rd ed.)
The sciences of the artificial (3rd ed.)
Machine Dreams: Economics Becomes a Cyborg Science
Machine Dreams: Economics Becomes a Cyborg Science
Design Rules: The Power of Modularity Volume 1
Design Rules: The Power of Modularity Volume 1
Exploring bidding strategies for market-based scheduling
Proceedings of the 4th ACM conference on Electronic commerce
Guest editorial agent-based modeling of evolutionary economic systems
IEEE Transactions on Evolutionary Computation
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In this paper, we continue the dialog started by Roth [19] between economics and engineering in the context of design of markets. We take the position that markets and engineered artifacts are thee the products of a social process of design formulation. Our perspective is that designing of markets and artifacts follow the same kind of problem formulation and solution testing process. Further, we show through two case studies, that the design of engineered artifacts and markets are often interdependent. In light of their similarities, methodologies for modeling and testing using theoretical, analytical, computation and physical models in engineering can inform the development of methods for testing in the design of markets. We also illustrate by example devising of a test and results of its execution thorough the use of a simple computational model with the required salient features of an electric power market. We conclude by summarizing the similarities between the designing of markets and artifacts and call for a continued dialogue between engineers and economists.