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Secondary Market to Mitigate Demand Uncertainty Xu, Huan
Description
In this talk we consider a centralized resource manager whose aim is to regulate multiple paticipants where the participatnts' goals are to purchase resource so as to satisfy uncertain demands. A secondary market mechanism is introduced to mitigate the conservativeness toward demand uncertainty. We analyze the clearing price of the secondary market, show that a unique Nash equlibrium exists in the many player limit and the NE takes the form of a threshold strategy. Moreover, we show that both the social welfare loss and the deviation of the total ordering from the optimum is of O(\sqrt{n}) where n is the number of players. This is significantly better compared with the case of no secondary market, where the social welfare loss and the deviation of the total order are both O(n).
Item Metadata
| Title |
Secondary Market to Mitigate Demand Uncertainty
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| Creator | |
| Publisher |
Banff International Research Station for Mathematical Innovation and Discovery
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| Date Issued |
2019-01-15T16:55
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| Description |
In this talk we consider a centralized resource manager whose aim is to regulate multiple paticipants where the participatnts' goals are to purchase resource so as to satisfy uncertain demands. A secondary market mechanism is introduced to mitigate the conservativeness toward demand uncertainty. We analyze the clearing price of the secondary market, show that a unique Nash equlibrium exists in the many player limit and the NE takes the form of a threshold strategy. Moreover, we show that both the social welfare loss and the deviation of the total ordering from the optimum is of O(\sqrt{n}) where n is the number of players. This is significantly better compared with the case of no secondary market, where the social welfare loss and the deviation of the total order are both O(n).
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| Extent |
39.0
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| Subject | |
| Type | |
| File Format |
video/mp4
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| Language |
eng
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| Notes |
Author affiliation: Georgia Institute of Technology
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| Series | |
| Date Available |
2019-07-15
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| Provider |
Vancouver : University of British Columbia Library
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| Rights |
Attribution-NonCommercial-NoDerivatives 4.0 International
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| DOI |
10.14288/1.0379838
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| URI | |
| Affiliation | |
| Peer Review Status |
Unreviewed
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| Scholarly Level |
Faculty
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| Rights URI | |
| Aggregated Source Repository |
DSpace
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Item Media
Item Citations and Data
Rights
Attribution-NonCommercial-NoDerivatives 4.0 International