A web services based artificial market

Abstract

We describe a web services based computational tool for studying large commodity markets. The software architecture is based on three important guiding principles: (i) efficiency and scalability, (ii) extensibility to incorporate several different clearing mechanisms and commodities, (iii) modularity for platform independent operations and use. The computational model has several distinguishing features. They include: (i) the ability to generate individualistic, demographics based, time-varying demand profiles, (ii) a highly configurable system that supports different market clearing mechanisms, strategies and matching algorithms for buyers and sellers (Atkins, Marathe, and Barrett 2007), (iii) ability to aggregate individuals into different hierarchy of classes and (iv) ability to physically clear flow based commodities. From the software standpoint, the architecture has several unique features, including use of web services for loosely coupling individual elements of the system, an easy to use web based graphical user interface for specifying input parameters as well as viewing the results, and a work flow language for modeling various markets and market mechanism (Atkins et al. 2004). The system provides users the unique ability to experiment with a variety of markets such as market for communication spectrum, Internet bandwidth, electricity, as well as traditional commodities like corn, cotton etc. THE MARKET MODELING FRAMEWORKWe describe a web services based computational tool for studying commodity markets. SIGMA (Simulation of Generic Markets) is a service oriented, high fidelity, agent-based, computational market modeling tool. The software architecture is based on three important guiding principles: (i) efficiency and scalability, (ii) extensibility to incorporate several different clearing mechanisms and commodities, (iii) modularity for platform independent operations and use. More specifically, SIGMA functionality is facilitated and enhanced through the following software based features.

Service Orientation and the Smart Grid state and trends

“…According to Wikipedia, 2 the Smart Grid is such when two-way digital communication is in place and consumer's appliances can cooperate with the Grid. For the National Institute of Standards and Technology (NIST), 3 it "delivers electricity efficiently, reliably, and securely," thanks to "a two-way, digital, interoperable national network." Many more definitions exist and prove that the Smart Grid is not one single shared concept but rather, as discussed in the report issued by the Department of Engineering and Public Policy of Carnegie Mellon University [36], a set of views depending on the actor involved in the grid.…”

“…The architecture described, although based on web services, does not completely clarify what are the services available for the market participants to interact with. Other solutions have been realized [3] to simulate different types of commodity markets (e.g., cotton, corn, and electricity), where general services and interoperability requirements for a SOA representation are described.…”

An Integrated Modeling Environment to Study the Coevolution of Networks, Individual Behavior, and Epidemics

“…This requires methods for coordinating resource discovery of computing and data assets; AI‐based techniques for translating user‐level requests to efficient work flows; reusing data sets whenever possible and spawning computer models with required initial parameters and coordination of resources among various users. Our initial work on this topic is described in Atkins et al (2008), Atkins, Barrett, and Marathe (2009), and Barrett et al (2008). A natural formal environment to represent and assess graph dynamic systems, their composition, and coevolution in both algebraic and computational terms is necessary to deal with these questions.…”