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A Market-Based Mechanism for Allocating Space Shuttle Secondary Payload Priority

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Author Info
John Ledyard
David Porter
Randii Wessen

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Abstract

This is an investigation into the design of a market-based process to replace NASA's current committee process for allocating Shuttle secondary payload resources (lockers, Watts and crew). The market-based process allocates budgets of tokens to NASA internal organizations that in turn use the budget to bid for priority for their middeck payloads. The scheduling algorithm selects payloads by priority class and maximizes the number of tokens bid to determine a manifest. The results of a number of controlled experiments show that such a system tends to allocate resources more efficiently by guiding participants to make resource and payload tradeoffs. Most participants were able to improve their position over NASA's current ranking system. Furthermore, those that are better off make large improvements while the few that do worse have relatively small losses. Copyright Kluwer Academic Publishers 2000

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File URL: http://hdl.handle.net/10.1023/A:1009900310537
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Publisher Info
Article provided by Springer in its journal Experimental Economics.

Volume (Year): 2 (2000)
Issue (Month): 3 (March)
Pages: 173-195
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Handle: RePEc:kap:expeco:v:2:y:2000:i:3:p:173-195

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Web page: http://www.springerlink.com/link.asp?id=102888

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Related research
Keywords: mechanism design; auctions; scheduling;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. S.J. Rassenti & V.L. Smith & R.L. Bulfin, 1982. "A Combinatorial Auction Mechanism for Airport Time Slot Allocation," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 402-417, Autumn. [Downloadable!] (restricted)
  2. Jeffrey S. Banks & John O. Ledyard & David P. Porter, 1989. "Allocating Uncertain and Unresponsive Resources: An Experimental Approach," RAND Journal of Economics, The RAND Corporation, vol. 20(1), pages 1-25, Spring. [Downloadable!] (restricted)
  3. McAfee, R Preston & McMillan, John, 1996. "Analyzing the Airwaves Auction," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 159-75, Winter. [Downloadable!] (restricted)
  4. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-55, December. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Anderson, Christopher M. & Sutinen, Jon G., 2005. "A Laboratory Assessment of Tradable Fishing Allowances," Marine Resource Economics, Marine Resources Foundation, vol. 20(1). [Downloadable!]
  2. Andrew Reeson & Karel Nolles, 2009. "Experimental Economics: Applications to Environmental Policy," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-03, CSIRO Sustainable Ecosystems. [Downloadable!]
  3. Paul Healy & John Ledyard & Charles Noussair & Harley Thronson & Peter Ulrich & Giulio Varsi, 2007. "Contracting inside an organization: An experimental study," Experimental Economics, Springer, vol. 10(2), pages 143-167, June. [Downloadable!] (restricted)
  4. Hild, Matthias, 2001. "Policy Reversals in Risk Management: The Effect of Refined Analyses," Working Papers 1116, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
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