David Porter

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Combinatorial auctions allow for more expressive bidding in which participants can submit package bids with logical constraints that limit allowable outcomes. This type of auction can be useful when participants' values are complementary or when participants have production and financial constraints. However, combinatorial auctions are currently rare in(More)
We identify an important class of economic problems that arise naturally in several applications: the allocation of multiple resources when there are uncertainties in demand or supply, unresponsive supplies (no inventories and fixed capacities), and significant demand indivisibilities (rigidities). Examples of such problems include: scheduling job shops,(More)
We report 28 new experiment sessions consisting of up to three experience levels to examine the robustness of learning and ‘error’ elimination by participants in a laboratory asset market and its effect on price bubbles. Our answer to the title question is: “yes.” We impose a large increase in liquidity and dividend uncertainty to shock the environment of(More)
Combined value auctions (CVAs) allow participants to make an offer of a single amount for a collection of items. These auctions provide value to both buyers and sellers of goods or services in a number of environments, but they have rarely been implemented, perhaps because of lack of knowledge and experience. Sears Logistics Services (SLS) is the first(More)
The Federal Communications Commission uses an ascending bid auction called the Simultaneous Multi-round Auction (SMA) to assign spectrum for personal communication service licenses. Congress recently mandated that the SMA be evaluated to determine if it could be modified to allow “combinatorial” bids for packages of licenses. We review the theoretical(More)
Portals Direct I/O ("PDIO") is a specialpurpose middleware infrastructure for writing data from compute processor memory on Portals-enabled compute nodes to remote agents anywhere on the WAN in realtime. The prototype implementation provided a means for aggregation of outgoing data through multiple loadbalanced routing daemons, end-to-end parallel data(More)
We report on a large number of laboratory market experiments demonstrating that a market bubble can be reduced under the following conditions: 1) a low initial liquidity level, i.e., less total cash than value of total shares, 2) deferred dividends, and 3) a bid–ask book that is open to traders. Conversely, a large bubble arises when the opposite conditions(More)
Price volatility and investor overreactions are commonplace in experimental asset markets. Understanding the price dynamics in these markets is crucial for designing successful new trading institutions. We report on a series of experiments to test the predictions of a new momentum model using a dynamical systems approach. This model is then pitted against(More)
John O. Ledyard Division of the Humanities and Social Sciences, California Institute of Technology, Mailcode 228-77, Pasadena, California 91125 Mark Olson • David Porter Interdisciplinary Center for Economic Science, George Mason University, MSN 1B2, 4400 University Drive, Fairfax, Virginia 22030-4444 Joseph A. Swanson • David P. Torma Joseph Swanson and(More)
Laboratory asset markets provide an experimental setting in which to observe investor behavior. Over more than a decade, numerous studies have found that participants in laboratory experiments frequently drive asset prices far above fundamental value, after which the prices crash. This bubble-and-crash behavior is robust to variations in a number of(More)