We present a model of the dynamics of the industry for innovation and R&D management. It is a novel view of the evolution of industry, both in theoretical and computational terms. Industries are seen as organisations of firms and consumers, and the aggregated behaviour is the consequence of the...

Human-subject market experiments have established in a wide variety of environments that the Continuous Double Auction (CDA) guarantees the maximum efficiency (100 percent) and the transaction prices converge quickly to the competitive equilibrium price. Since in human-subject experiments we can...