Abstract

The principles that characterize automated market systems are inherently different from traditional general equilibrium models of economic systems. Typically, in an automated market system separate auctions occur for each individual good or security. Drawing on previous work by the author, economic processes are taken to be analogous to goal-directed behavior based on logical inference, rather than on the implicit optimizing behavior that underlies general equilibrium theory. Message passing, in a way that preserves a fundamental invariant in the auction for each good, is used to link auctions so that trade in bundles of goods is facilitated

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