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Co-evolutionary Auction Mechanism Design: A Preliminary Report

  • Steve Phelps
  • Peter McBurney
  • Simon Parsons
  • Elizabeth Sklar
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 2531)

Abstract

Auctions can be thought of as a method for resource allocation. The economic theory behind such systems is mechanism design. Traditionally, economists have approached design problems by studying the analytic or experimental properties of different mechanisms. An alternative is to view a mechanism as the outcome of some evolutionary process involving buyers, sellers and an auctioneer, and so automatically generate not just strategies for trading, but also strategies for auctioneering. As a first step in this alternative direction, we have applied genetic programming to the development of an auction pricing rule for double auctions in a wholesale electricity marketplace.

Keywords

Genetic Programming Market Power Trading Strategy Electricity Market Price Rule 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2002

Authors and Affiliations

  • Steve Phelps
    • 1
  • Peter McBurney
    • 1
  • Simon Parsons
    • 1
    • 2
    • 3
  • Elizabeth Sklar
    • 4
  1. 1.Department of Computer ScienceUniversity of LiverpoolLiverpoolUK
  2. 2.Center for Coordination Science, Sloan School of ManagementM.I.T.CambridgeUSA
  3. 3.Department of Computer and Information ScienceBrooklyn CollegeNew YorkUSA
  4. 4.Department of Computer ScienceColumbia UniversityNew YorkUSA

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