the Aton Experimental
Last Updated: November 2016
Aton Consulting is a specialist firm consulting in
fin-tech, market design, auctions, clean tech, energy
economics, experimental economics and related
We focus on the application of market design and
experimental economics to real world market problems.
As an example of our work, from 2014 to 2016 Aton
Consulting was engaged by SocietyOne, one of Australia's
leading FinTech companies and the largest Peer-to-Peer (or
"marketplace") lender in Australia, to conduct the design
and implementation of the SocietyOne market place systems.
We developed with SocietyOne a marketplace using
AI/Robotic investor bidding agents participating in a
common clearing price auction, taking account of the wide
range of specific constraints related to investor
portfolio limits and central market stability
issues. Over $100m worth of personal loans have been
allocated using these systems.
Other clients have included:
- the NSW EPA (in respect of the auctions for the permit
issuance on the Hunter River Salinity Trading Scheme)
- The Australian Financial Markets Association and The
Government of Tasmania (in respect of the auctions of
the settlement residues on Basslink)
- The CSIRO
- George Mason University
- The University of Sydney
In 2006 and 2007 Aton operated the SIRCA Experimental
Economics Lab (SEELab) in a joint venture with the
university owned Securities Industry Research Centre of
By mutual agreement this JV ended in 2007 and all
materials and contracts previously conducted by SEELab
have been transferred to the AEELab, many of which are
provided for review purposes on this site.
The owner and director of Aton Consulting is Dr. Karel
Karel became involved in experimental economics during
his PhD research work commencing in the late 1990's.
He worked as an academic for a number of years,
including with the University of New South Wales (Senior
Research Fellow in the Faculty of Commerce and Economics)
and as a visiting research fellow with the ICES
experimental economics labs at George Mason University.
The Aton Experimental Economics Laboratory (AEELab) is an
independent laboratory providing a range of consulting,
software and business services around providing the
expertise and infrastructure for experimental
Experimental economics is a branch of economics looking
at how real people behave within economic systems,
typically by implementing an economic system in a computer
lab, and using real people as participants.
Experimental Economics ?
Experimental economics is the application of laboratory
methods to test the validity of various economic theories
and to test bed new market mechanisms. Using
cash-motivated participants, economic experiments create
real-world incentives to help us better understand why
markets and other exchange systems work the way they
We have listed some papers at the bottom of this page
that provide more information about experimental economics
as a discipline.
the AEELab provide ?
The AEELab exists to support consultants, researchers and
academics to conduct and use experimental economics
research. We develop experiments to address
specified research questions, and are a research facility
in our own right, conducting experiments in respect of our
research agenda. Many of our working papers are
available for download on the "papers"
In particular, the AEE Lab can provide:
Lab management and control software and systems
Hosting of experiments in other labs using our web
based experiment management systems.
Development of experiments, drawing upon our software
library of robust and running experiments.
Delivery of experiments via our existing labs.
How do I
learn more ?
Please contact Karel Nolles:
information about Experimental Economics ?
You may be interested to read the following materials at
the Interdisciplinary Center for Economic Science at
George Mason University. ICES is headed by Professor
Vernon Smith, who was the co-recipient of the 2002 Nobel
Prize for Economics, in recognition of his contributions
to the field of Experimental Economics.
The links below take you to the ICES website. The
materials are ICES Copyright.
FAQ about Experimental Economics
V. Smith, (1994). "Economics in
the Laboratory," Journal of Economic
Perspectives 8(1), 113-131
V. Smith, (1987). "Experimental
Methods in Economics," The New Palgrave: A
Dictionary of Economics, John Eatwell, Murray
Milgate, and Peter Newman
V. Smith, (1982). "Microeconomic
Systems as an Experimental Science," American
Economic Review 72(5), 923-955
Market Design important to get right ???
Markets are frequently used to provide important public
services - with the intention of driving efficency of
delivery.... Are all markets equal for all
policy problems? The link below is to a Video Clip
showing a fabulous market in operation. (They should
have asked us to test it first!!!)
Download here (Approx
(FULL RIGHTS TO THE CREATORS)