A Decentralized, Smart Market Solution to a Class of Back-Haul Transportation Problems: Concept and Experimental Test Beds
Abstract
Back haul problems occur in many areas of transportation. One-way rental often takes equipment, such as cases and containers, from an area of high demand to an area of low demand. The problem is to return the equipment to the location of need, a problem typically viewed as an administrative and scheduling problem. We developed a decentrali7cd approach in which a specially designed market organizes competition and information to minimize the cost of back-hauls without the direct intervention of administrative negotiations or command-and- control types of scheduling. We employed laboratory experimental methods to test the concept, examine its performance against theoretical benchmarks, and explore its limitations.
Acknowledgement
The authors gratefully acknowledge funding for this research, which was provided in the United States by the Caltech Laboratory for Experimental Economics and Political Science, together with the National Science Foundation.
Copyright and License
© 2002 INFORMS.
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Additional details
- Eprint ID
- 44359
- Resolver ID
- CaltechAUTHORS:20140317-141301705
- Caltech Laboratory for Experimental Economics and Political Science
- NSF
- Caltech groups
- Social Science Working Papers
- Other Numbering System Name
- Social Science Working Paper
- Other Numbering System Identifier
- 1082
- Publication Status
- Published