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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

Exchanges for Complex Commodities:Toward a General-Purpose System

John Hershberger

Committee:

Eugene Fink

Rafael Perez

Dmitry B. Goldgof

slide2

Combine the speed of the stock exchange

with the flexibility of eBay

+

Motivation

  • Build an automated
  • exchange for trading
  • goods and services
slide3

Outline

  • Previous work
slide4

Outline

  • Previous work
  • One-attribute market
slide5

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
slide6

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
  • Large number of attributes
slide7

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
  • Large number of attributes
  • Numeric attributes
slide8

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
  • Large number of attributes
  • Numeric attributes
  • Complex orders
slide9

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
  • Large number of attributes
  • Numeric attributes
  • Complex orders
  • Price functions
slide10

Outline

  • Previous work
  • One-attribute market
  • Multi-attribute market
  • Large number of attributes
  • Numeric attributes
  • Complex orders
  • Price functions
  • Main results
slide11

Combinatorial auctions

  • Complex commodities
  • Asymmetry between
  • buyers and sellers
  • Illiquid
slide12

Standardized exchanges

  • Simple commodities
  • Symmetry between
  • buyers and sellers
  • Liquid
slide13

$89.00

One-attribute market

Sell order

Price

Price

$89.02

Buy order

MCD

MCD

GE

IBM

GE

IBM

Stock symbol

Stock symbol

slide14

Sell order

$89.02

$89.00

One-attribute market

Price

Buy order

MCD

GE

IBM

Stock symbol

slide15

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

slide16

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

slide17

Multi-attribute market

Mileage

50,000

30,000

Year

03

02

01

00

Echo

Camry

Camaro

Mustang

Corvette

Model

slide18

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

slide19

Main structures

  • Trie of simple orders
  • List of complex orders
slide20

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

slide21

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

slide22

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

slide23

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.

slide24

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

slide25

50,000

Numeric attributes

Mileage

30,000

MPG

23

22

21

120

140

Top speed

slide26

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.

slide27

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

slide28

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

slide29

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

slide30

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

slide31

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

slide32

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

slide33

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

slide34

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

slide35

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

slide36

120

140

Top speed

Complex orders

Mileage

50,000

MPG

25,000

23

22

21

slide37

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

slide38

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

slide39

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

slide40

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

slide41

Price functions

  • Orders with identical attributes
  • are in the same leaf
  • Each leaf includes a tree of prices
slide42

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

slide43

$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

slide44

$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

slide45

$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

slide46

$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

slide47

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

slide48

Main results

  • Formalization of previous techniques
  • Identification of open problems
  • Theoretical solutions to some problems
slide49

Future work (Ph.D.)

  • Advanced indexing structures
  • Search for approximate matches
  • Trading different commodity
  • types in a common exchange