Economics of Dynamic Pricing in a Reputation Brokered Agent Mediated Marketplace
- 81 Downloads
We present a framework to study the microeconomic effects in a reputation brokered Agent mediated Knowledge Marketplace, when we introduce dynamic pricing algorithms. We study the market with computer simulations of multiagent interactions. In this marketplace, the seller reputations are updated in a collaborative fashion based on the performance of the user in the delegated tasks. To the best of our knowledge this is the first agent mediated marketplace where the agents use dynamic pricing based on “dynamically” updated reputations. The framework can be used to investigate the different equilibria reached, based on the level of intelligence of the selling agents, the level of price-importance elasticity of the buying agents, and the level of unemployment in the marketplace. Preliminary experiments addressing these issues are presented.
Unable to display preview. Download preview PDF.
- Chavez, A. and P.Maes. (1996). “Kasbah: An Agent Marketplace for Buying and Selling Goods.” In Proceedings of the 1st Internat. Conference on the Practical Application of Intelligent Agents and Multi-Agent Technology (PAAM'96), London, UK.Google Scholar
- Cliff, D. and J. Bruten. (1998). “More Than Zero Intelligence Needed for Continuous Double-Auction Trading.” HP Technical Report HPL–97–157, CEFES '98, University of Cambridge, England.Google Scholar
- Friedman, E. and P. Resnick. (1998). “The Social Cost of Cheap Pseudonyms: Fostering Cooperation on the Internet.” In Proceedings of the 1998 Telecommunications Policy Research Conference.Google Scholar
- Glickman, M.E. (1999). “Parameter Estimation in Large Dynamic Paired Comparison Experiments.” Applied Statistics 48.Google Scholar
- Kollock, P. (1999). “The Production of Trust in Online Markets.” In E.J. Lawler, M. Macy, S. Thyne, and H.A. Walker (eds.), Advances in Group Processes, Vol. 16. Greenwich, CT: JAI Press.Google Scholar
- Tesauro, G.J. and J.O. Kephart. (1998). “Foresight-based Pricing Algorithms in an Economy of Software Agents.” In Internat. Conference on Information and Computation Economies, Charleston, SC.Google Scholar
- Oliver, J. (1997). “Artificial Agents Learn Policies for Multi-issue Negotiation.” International Journal of Electronic Commerce 1(4), 49–88.Google Scholar
- Wang, D. (1999). “Market Maker: An Agent-Mediated Marketplace Infrastructure.” M.Eng. Thesis, Massachusetts Institute of Technology, Cambridge, MA.Google Scholar
- Zacharia, G., A. Moukas, and P. Maes. (1999). “Collaborative Reputation Mechanisms in Electronic Marketplaces.” In Proceedings of the 32nd Annual Hawaii Internat. Conference on System Sciences (HICSS-32). Wailea Maui, HI: IEEE Comput. Soc.Google Scholar