Towards strategic agents for auctions and negotiations

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Towards strategic agents for auctions and negotiations

 

Author: Choi, Chung-yu Kenneth
Title: Towards strategic agents for auctions and negotiations
Degree: M.Sc.
Year: 2001
Subject: Auctions -- Data processing
Negotiation in business -- Data processing
Intelligent agents (Computer software)
Electronic commerce
Hong Kong Polytechnic University -- Dissertations
Department: Multi-disciplinary Studies
Dept. of Computing
Pages: vii, 101 leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1599621
URI: http://theses.lib.polyu.edu.hk/handle/200/4634
Abstract: While there are a number of extant agent-based systems demonstrating different features in automated negotiation and auction, this research has designed and engineered a society of trading agents with two distinguishing features: (i) a utility function based on economics theory and (ii) a market-driven negotiation strategy. In this research, the utility function provides an alternative approach for trading agents to behave as an 'economics man' to decide what should be taken and/or given up and if so, by how much. Combining with the market-driven decision strategy, trading agents automatically select the appropriate response to the changing market situation to maximize their own benefits. The market-driven negotiation strategy and the economics theory utility function facilitate trading agents to employ humanoid decision strategies to respond to different market situation. A series of experiments has been carried out and the results seemed to indicate that the economics theory approach might be an acceptable candidate to simulate human behavior in real life trading. Experimental results showed that by employing market-driven approach with economics theory, trading agents seemed not only to be able to achieve favorable outcomes in balanced market situations, but also to be able to preserve an acceptable level of user's satisfaction on adverse market situations.

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