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Bidding Strategies for Trading Agents in Auction-Based Tournaments

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Agent Mediated Electronic Commerce (AMET 1998)

Part of the book series: Lecture Notes in Computer Science ((LNAI,volume 1571))

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Abstract

Auction-based electronic commerce is an increasingly interesting domain for AI researchers. In this paper we present an attempt towards the construction of trading agents capable of competing in multi-agent auction markets by introducing both a formal and a more pragmatical approach to the design of bidding strategies for buyer agents in auction-based tournaments. Our formal view relies on possibilistic-based decision theory as the means of handling possibilistic uncertainty on the consequences of actions (bids) due to the lack of knowledge about the other agents’ behaviour. For practical reasons we propose a two-fold method for decision making that does not require the evaluation of the whole set of alternative actions. This approach utilizes global (market-centered) information in a first step to come up with an initial set of potential bids. This set is subsequently refined in a second step by means of the possibilisitic decision model using individual (rival agent centered) information induced from a memory of cases composing the history of tournaments.

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Author information

Authors and Affiliations

  1. IIIA Spanish Council for Scientific Research, CSIC, Artificial Intelligence Research Institute, 08193 Bellaterra, Barcelona, Spain

    Pere Garcia, Eduard Giménez, Lluis Godo & Juan A. Rodríguez-Aguilar

Authors
  1. Pere Garcia
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  2. Eduard Giménez
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  3. Lluis Godo
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  4. Juan A. Rodríguez-Aguilar
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Editor information

Editors and Affiliations

  1. INEGI, San Juan Mixcoac, Mexico, DF, 03720, Mexico

    Pablo Noriega

  2. IIIA, CSIC - Spanish Scientific Research Council, E-08193, Bellaterra, Catalonia, Spain

    Carles Sierra

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© 1999 Springer-Verlag Berlin Heidelberg

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Garcia, P., Giménez, E., Godo, L., Rodríguez-Aguilar, J.A. (1999). Bidding Strategies for Trading Agents in Auction-Based Tournaments. In: Noriega, P., Sierra, C. (eds) Agent Mediated Electronic Commerce. AMET 1998. Lecture Notes in Computer Science(), vol 1571. Springer, Berlin, Heidelberg. https://doi.org/10.1007/3-540-48835-9_9

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  • DOI: https://doi.org/10.1007/3-540-48835-9_9

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  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-540-65955-6

  • Online ISBN: 978-3-540-48835-4

  • eBook Packages: Springer Book Archive

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