Working Papers by Hsing Yang Lee
# | Title | Authors | Date | Length | Paper | Abstract | |
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1448 | Using Theory, Markets and Experimental Methods to Improve a Complex Administrative Decision Process: School Transportation for Disadvantaged Students | Plott, Charles R. Stoneham, Gary Lee, Hsing Yang Maron, Travis | 02/25/2021 | 44 | sswp1448_FEB2021.pdf | The paper studies structural inefficiencies of administrative decisions demonstrated in an example from the growing government service sector. The provision of school transportation to disadvantaged children touches social concerns and regulations related to classical conditions of limited competition. The decision process is partitioned into key economic functions related to the challenges faced by the government when dealing with environments in which theory predicts market failures. Theories drawn from public choice theory and theories of auctions suggest policy changes that were experimentally tested in the challenging environment. Field data demonstrate the new processes produced improved allocations. Subsequent laboratory tests demonstrate the success can be attributed to the principles used in the theory and demonstrate a robust link connecting efficient behaviors observed in laboratory experiments and behaviors found in field events. | |
1447 | General Equilibrium Methodology Applied to the Design, Implementation and Performance Evaluation of Large, Multi-Market and Multi-Unit Policy Constrained Auctions | Plott, Charles R. Cason, Timothy N. Gillen, Benjamin J. Lee, Hsing Yang Maron, Travis | 01/13/2022 | 62 | sswp1447_revJAN2022.pdf | The paper reports on the methodology, design and outcome of a large auction with multiple, interdependent markets constructed from principles of general equilibrium as opposed to game theoretic auction theory. It distributed 18,788 entitlements to operate electronic gaming machines in 176 interconnected markets to 363 potential buyers representing gaming establishments subject to multiple policy constraints on the allocation. The multi-round auction, conducted in one day, produced over $600M in revenue. All policy constraints were satisfied. Revealed dynamics of interim allocations and new statistical tests provide evidence of multiple market convergence hypothesized by classical theories of general equilibrium. Results support the use of computer supported, "tâtonnement–like" market adjustments as a reliable empirical processes and not as purely theoretical constructs. | |
1432 | A Testbed Experiment of a (Smart) Marked Based, Student Transportation Policy: Non Convexities, Coordination, Non Existence | Lee, Hsing Yang Maron, Travis Plott, Charles R. Seo, Han | 01/11/2018 | 41 | sswp1432.pdf | The paper develops and studies a decentralized mechanism for pricing and allocation challenges typically met with administrative processes. Traditional forms of markets are not used due to conditions associated with market failure, such as complex coordination problems, thin markets, non-convexities including and zero marginal cost due to lumpy transportation capacities. The mechanism rests on an assignment process that is guided by a computational process, enforces rules and channels information feedback to participants. Special, testbed experimental methods produce high levels of efficiency when confronted by individual behaviors that are consistent with traditional models of strategic behavior. | |
1406 | Multiple Items, Ascending Price Auctions: An Experimental Examination of Alternative Auction Sequences | Kim, Dae Hyun Lee, Hsing Yang Maron, Travis Plott, Charles R. Teo, Ruijie D. | 04/13/2015 | 40 | sswp1406.pdf | The paper investigates the revenue and efficiency of different ascending price auction architectures for the sale of three items and five bidders. Four architectures are studied: two different sequences of single item auctions, simultaneous auctions with a common countdown clock, and simultaneous auctions with item specific | |
676 | Multiple Unit Double Auction User's Manual. [replaced by WP 783] | Johnson, Alonzo Lee, Hsing Yang Plott, Charles R. | 09/01/1989 | sswp676.pdf |