./clock-auction
An ascending clock auction for airport landing slots. Prices rise on any product with more demand than supply; the auction ends when nothing is oversubscribed. Bidders are simulated, so you can rerun it and change the rules.
what to look for
The activity rule is the whole game. Eligibility is measured in points and you must keep using at least the configured share of it. What you do not use, you lose permanently. Set the rule to 100% and bidders are locked into their opening position. Drop it toward 0% and they can sit back and re-enter late, which destroys price discovery.
Demand reduction. Meridian deliberately bids for less than it wants once a product looks contested, to slow the clock. It often pays less per slot. Watch whether it also ends up with fewer slots than it should have, and what that does to the efficiency figure.
Increment size trades speed against overshoot. Large steps clear in few rounds but blow past the price where demand actually balanced. That gap is revenue the winners did not need to pay, and it is why real auctions shrink the increment as they converge.
Efficiency is not revenue. The two move independently. A design can raise more money while putting slots in the wrong hands, and the scoreboard shows both so the tradeoff is visible rather than assumed.