2007•Repository KITopen (Karlsruhe Institute of Technology)Open access
meet2trade: An Electronic Market Platform and Experiment System
Klaus Kolitz, Carsten Block, Christof Weinhardt
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Abstract
The development of new electronic markets is challenging, since many factors influence the market outcomes and hence the markets’ success. Even worse, a fundamental lesson learned from economics is that details matter: small changes in market design can have a significant impact on the market participant’s behaviors and thus on the achieved outcomes. Consequently a well structured process for design, implementation, testing and maintenance of markets is required. meet2trade is a software tool suite designed to systematically support each step of such a Market Engineering (ME) process. This paper presents the generic trading platform meet2trade that enables users to individually configure their own electronic markets, to run them on the integrated auction server, and to evaluate them using the built-in full-featured lab experiment system.