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UID:www.tcs.tifr.res.in/event/429
DTSTAMP:20230914T125924Z
SUMMARY:Efficiency of a Two-stage Market for Capacity Allocation
DESCRIPTION:Speaker: Amar Prakash Azad (Centre National de la Recherche Sci
 entifique (CNRS)\nLaboratory of Signals and Systems\n91191 Gif-sur-Yvette 
 (South Paris)\nFrance)\n\nAbstract: \nAbstract: Forward markets allow buye
 rs and sellers of resources like network bandwidth or power to plan their 
 consumption and production respectively. However\, random events (e.g. wea
 ther affecting power demand\, news events compelling users to use a commun
 ication network) can happen after the market and before consumption that a
 ffects demand and or production of the resource. A spot market that happen
 s contemporaneously with production and consumption has the advantage that
  market participants act after the outcomes of such random events are know
 n. A two-stage forward-spot market\, has the potential of enjoying the ben
 efits of both kinds of market allowing participants to plan in advance whi
 le also responding to random shocks. However\, a two-stage market might in
 troduce the possibility for a strategic player to manipulate the market by
  creating an arbitrage between the two stages\, leading to inefficiency. I
 n this talk\, we investigate how the efficiency of two stage markets compa
 res with a single stage market with price anticipating users. We show that
  the fundamental efficiency limit of a two-stage market for a fixed\, divi
 sible resource and buyers with linear utility functions can be no worse th
 an 2√2−2 ≈ 82.8%. This compares to 75% worst-case efficiency prev
 iously known for single stage markets.\n
URL:https://www.tcs.tifr.res.in/web/events/429
DTSTART;TZID=Asia/Kolkata:20131224T113000
DTEND;TZID=Asia/Kolkata:20131224T123000
LOCATION:AG-80
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