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Exchanges for Complex Commodities: Toward a General-Purpose System

Exchanges for Complex Commodities: Toward a General-Purpose System John Hershberger Committee: Eugene Fink Rafael Perez Dmitry B. Goldgof Combine the speed of the stock exchange with the flexibility of eBay + Motivation Build an automated

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Exchanges for Complex Commodities: Toward a General-Purpose System

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  1. Exchanges for Complex Commodities:Toward a General-Purpose System John Hershberger Committee: Eugene Fink Rafael Perez Dmitry B. Goldgof

  2. Combine the speed of the stock exchange with the flexibility of eBay + Motivation • Build an automated • exchange for trading • goods and services

  3. Outline • Previous work

  4. Outline • Previous work • One-attribute market

  5. Outline • Previous work • One-attribute market • Multi-attribute market

  6. Outline • Previous work • One-attribute market • Multi-attribute market • Large number of attributes

  7. Outline • Previous work • One-attribute market • Multi-attribute market • Large number of attributes • Numeric attributes

  8. Outline • Previous work • One-attribute market • Multi-attribute market • Large number of attributes • Numeric attributes • Complex orders

  9. Outline • Previous work • One-attribute market • Multi-attribute market • Large number of attributes • Numeric attributes • Complex orders • Price functions

  10. Outline • Previous work • One-attribute market • Multi-attribute market • Large number of attributes • Numeric attributes • Complex orders • Price functions • Main results

  11. Combinatorial auctions • Complex commodities • Asymmetry between • buyers and sellers • Illiquid

  12. Standardized exchanges • Simple commodities • Symmetry between • buyers and sellers • Liquid

  13. $89.00 One-attribute market Sell order Price Price $89.02 Buy order MCD MCD GE IBM GE IBM Stock symbol Stock symbol

  14. Sell order $89.02 $89.00 One-attribute market Price Buy order MCD GE IBM Stock symbol

  15. Table of all tradable items • For each item, a tree of prices BA GE IBM $88.94 MCD PG $88.93 $88.97 $88.96 $88.99 $88.92 $88.93 Table of items

  16. 50,000 30,000 Multi-attribute market Mileage Mileage Sell order Year Year 03 03 02 02 01 01 00 00 Echo Echo Camry Camry Camaro Camaro Mustang Mustang Corvette Corvette Model Model Buyorder

  17. Multi-attribute market Mileage 50,000 30,000 Year 03 02 01 00 Echo Camry Camaro Mustang Corvette Model

  18. Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 180K 20K 1996 Mustang, 50K miles, $7,000 1999 Camry, 10K miles, $18,000 2000 Camry, 180K miles, $5,000 1988 Corvette, 20K miles, $4,000 Retrieval tree Retrieval tree (a.k.a. trie) of simple orders

  19. Main structures • Trie of simple orders • List of complex orders

  20. Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 180K 20K 1996 Mustang, 50K miles, $7,000 1999 Camry, 10K miles, $18,000 2000 Camry, 180K miles, $5,000 1988 Corvette, 20K miles, $4,000 Best price Depth-first search Buy Order:Any car madeafter 1990

  21. Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 180K 20K 1996 Mustang, 50K miles, $7,000 1999 Camry, 10K miles, $18,000 2000 Camry, 180K miles, $5,000 1988 Corvette, 20K miles, $4,000 Best price among found matches Depth-first search With limited number of matches Buy Order:Any car madeafter 1990 Limit: 2 matches Actual best price

  22. Model Mustang Camry Corvette Year Year Year 1999 2000 1988 1996 Mileage Mileage Mileage Mileage 10K 180K 20K 50K Cylinders Cylinders Cylinders Cylinders 6 4 8 4 1996 Mustang 50K miles, 4 cyl. 1999 Camry 10K miles, 6 cyl. 1988 Corvette 20K miles, 8 cyl. 2000 Camry 180K miles, 4 cyl. Large number of attributes

  23. PATRICIA Model Camry Year Corvette, 1988, 20K, 8 Mustang, 1996, 50K, 4 1999, 10K, 6 2000, 180K, 4 1996 Mustang 50K miles, 4 cyl. 1999 Camry 10K miles, 6 cyl. 1988 Corvette 20K miles, 8 cyl. 2000 Camry 180K miles, 4 cyl.

  24. 50,000 30,000 Numeric attributes Mileage Mileage Sell order MPG MPG 23 23 22 22 21 21 120 140 120 140 Top speed Top speed Buy order

  25. 50,000 Numeric attributes Mileage 30,000 MPG 23 22 21 120 140 Top speed

  26. PATRICIA with numeric attributes PATRICIA gives high branching factor Mileage 90K, 18, 100 30K, 28, 90 10K, 25, 140 100K, 20, 110 10K miles, 25 MPG, 140 m.p.h. 30K miles, 28 MPG, 90 m.p.h. 90K miles, 18 MPG, 100 m.p.h. 100K miles, 20 MPG, 110 m.p.h.

  27. 50 (50,45) Car 1 Miles MPG 40 Car 1 50K 45 (90,34) Car 4 Car 2 20K 18 30 MPG Car 3 70K 25 (20,18) Car 2 (70,25) Car 3 Car 4 90K 34 20 (30,16) Car 5 Car 5 30K 16 Car 6 40K 10 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles KD-trees Tree for handling numeric attributes

  28. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG (20,18) Car 2 (70,25) Car 3 20 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  29. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG Car 2 (20,18) Car 2 (70,25) Car 3 20 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  30. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG Car 3 Car 2 (20,18) Car 2 (70,25) Car 3 20 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  31. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG Car 3 Car 2 (20,18) Car 2 (70,25) Car 3 20 Car 4 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  32. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG Car 3 Car 2 (20,18) Car 2 (70,25) Car 3 20 Car 5 Car 4 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  33. Car 1 Car 3 Car 2 Car 5 Car 4 Car 6 KD-trees 50 (50,45) Car 1 40 (90,34) Car 4 30 MPG (20,18) Car 2 (70,25) Car 3 20 (30,16) Car 5 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  34. KD-trees 50 (50,45) Car 1 40 Car 1 (90,34) Car 4 30 MPG Car 3 Car 2 (20,18) Car 2 (70,25) Car 3 20 Car 5 Car 4 (30,16) Car 5 Car 6 10 (40,10) Car 6 0 20K 40K 60K 80K 100K Miles

  35. 23 22 21 120 120 140 140 Top speed Top speed 23 22 Buyorder 21 Complex orders Mileage Mileage Sell order 50,000 50,000 MPG MPG 25,000

  36. 120 140 Top speed Complex orders Mileage 50,000 MPG 25,000 23 22 21

  37. Indexing of complex orders Miles (K) MPG Car 1 40–60 40–50 Car 2 12–28 13–23 Car 3 52–88 20–30 Car 4 80–99 24–44 Car 5 25–35 11–21 Car 6 34–46 5–15

  38. Indexing of complex orders 50 Car 1 40 Car 4 Car 1 Car 3 30 MPG Car 3 Car 2 Car 2 20 Car 5 Car 4 Car 5 Car 6 10 Car 6 0 20K 40K 60K 80K 100K Miles

  39. Price functions Price limit: $32K – (2003 – Year) · $2K $32K Price $30K Year $32K 03 $28K Order: 2001-2003 Mustang $30K 02 01 $28K 00 Camaro Mustang Corvette Model

  40. Price functions Sell order Mustang made in 2003 Price = $30,000 $32K Price $30K Year $32K Buy order 2001-2003 Mustang Price = $32K – (2003 – Year) · $2K 03 $28K $30K 02 01 $28K 00 Camaro Mustang Corvette Model

  41. Price functions • Orders with identical attributes • are in the same leaf • Each leaf includes a tree of prices

  42. Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles $9K $15K $12K $3K $7K $14K $17K $10K Leaf nodes Buy Order:Any car madeafter 1990

  43. $9K $15K $12K $3K $7K $14K $17K $10K Leaf nodes Buy Order:Any car madeafter 1990 Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles

  44. $9K $15K $12K $3K $7K $14K $17K $10K Leaf nodes Buy Order:Any car madeafter 1990 Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles

  45. $9K $15K $12K $3K $7K $14K $17K $10K Leaf nodes Buy Order:Any car madeafter 1990 Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles

  46. $9K $15K $12K $3K $7K $14K $17K $10K Leaf nodes Buy Order:Any car madeafter 1990 Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles

  47. Leaf nodes Buy Order:Any car madeafter 1990 Model Mustang Camry Corvette Year Year Year 1996 1999 2000 1988 Mileage Mileage Mileage Mileage 50K 10K 60K 20K 1996 Mustang, 50K miles 1999 Camry, 10K miles 2000 Camry, 60K miles 1988 Corvette, 20K miles $9K $15K $12K $3K Best Match $7K $14K $17K $10K

  48. Main results • Formalization of previous techniques • Identification of open problems • Theoretical solutions to some problems

  49. Future work (Ph.D.) • Advanced indexing structures • Search for approximate matches • Trading different commodity • types in a common exchange

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