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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 l.jpg

Exchanges for Complex Commodities:Toward a General-Purpose System

John Hershberger

Committee:

Eugene Fink

Rafael Perez

Dmitry B. Goldgof


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with the flexibility of eBay

+

Motivation

  • Build an automated

  • exchange for trading

  • goods and services


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Outline

  • Previous work


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Outline

  • Previous work

  • One-attribute market


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Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market


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Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market

  • Large number of attributes


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Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market

  • Large number of attributes

  • Numeric attributes


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Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market

  • Large number of attributes

  • Numeric attributes

  • Complex orders


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Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market

  • Large number of attributes

  • Numeric attributes

  • Complex orders

  • Price functions


Slide10 l.jpg

Outline

  • Previous work

  • One-attribute market

  • Multi-attribute market

  • Large number of attributes

  • Numeric attributes

  • Complex orders

  • Price functions

  • Main results


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Combinatorial auctions

  • Complex commodities

  • Asymmetry between

  • buyers and sellers

  • Illiquid


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Standardized exchanges

  • Simple commodities

  • Symmetry between

  • buyers and sellers

  • Liquid


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$89.00

One-attribute market

Sell order

Price

Price

$89.02

Buy order

MCD

MCD

GE

IBM

GE

IBM

Stock symbol

Stock symbol


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Sell order

$89.02

$89.00

One-attribute market

Price

Buy order

MCD

GE

IBM

Stock symbol


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  • 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 l.jpg

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


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Multi-attribute market

Mileage

50,000

30,000

Year

03

02

01

00

Echo

Camry

Camaro

Mustang

Corvette

Model


Slide18 l.jpg

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


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Main structures

  • Trie of simple orders

  • List of complex orders


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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


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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


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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


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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 l.jpg

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 l.jpg

50,000

Numeric attributes

Mileage

30,000

MPG

23

22

21

120

140

Top speed


Slide26 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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


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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 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

120

140

Top speed

Complex orders

Mileage

50,000

MPG

25,000

23

22

21


Slide37 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

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 l.jpg

Price functions

  • Orders with identical attributes

  • are in the same leaf

  • Each leaf includes a tree of prices


Slide42 l.jpg

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 l.jpg

$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 l.jpg

$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 l.jpg

$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 l.jpg

$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 l.jpg

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 l.jpg

Main results

  • Formalization of previous techniques

  • Identification of open problems

  • Theoretical solutions to some problems


Slide49 l.jpg

Future work (Ph.D.)

  • Advanced indexing structures

  • Search for approximate matches

  • Trading different commodity

  • types in a common exchange