Autonomous Bidding Agents: Strategies and Lessons from the by Michael P. Wellman

By Michael P. Wellman

E-commerce more and more offers possibilities for self sustaining bidding brokers: desktop courses that bid in digital markets with out direct human intervention. computerized bidding concepts for an public sale of a unmarried sturdy with a identified valuation are quite hassle-free; designing recommendations for simultaneous auctions with interdependent valuations is a extra advanced venture. This publication provides algorithmic advances and technique principles inside of an built-in bidding agent structure that experience emerged from fresh paintings during this fast-growing sector of analysis in academia and undefined. The authors examine numerous novel bidding ways that built from the buying and selling Agent pageant (TAC), held each year on account that 2000. The benchmark problem for competing agents--to purchase and promote a number of items with interdependent valuations in simultaneous auctions of other types--encourages opponents to use cutting edge innovations to a typical job. The e-book strains the evolution of TAC and follows chosen brokers from belief via numerous competitions, proposing and reading designated algorithms constructed for independent bidding. self sufficient Bidding brokers presents the 1st built-in therapy of equipment during this swiftly constructing area of AI. The authors--who brought TAC and created a few of its such a lot profitable agents--offer either an outline of present study and new effects. Michael P. Wellman is Professor of machine technological know-how and Engineering and member of the bogus Intelligence Laboratory on the collage of Michigan, Ann Arbor. Amy Greenwald is Assistant Professor of computing device technology at Brown collage. Peter Stone is Assistant Professor of laptop Sciences, Alfred P. Sloan study Fellow, and Director of the training brokers workforce on the collage of Texas, Austin. he's the recipient of the foreign Joint convention on man made Intelligence (IJCAI) 2007 desktops and suggestion Award.

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Additional info for Autonomous Bidding Agents: Strategies and Lessons from the Trading Agent Competition

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If all bids are snipes, mechanisms like this effectively reduce to sealed-bid auctions, since no meaningful price quotes are issued in time for response. Cognizant of this phenomenon, the TAC-00 designers attempted to discourage last-moment bidding by subjecting hotel auctions to early closing after random periods of inactivity; otherwise, the auctions closed simultaneously at the end of the game. However, this countermeasure proved ineffective, as clever agents merely entered minimal increments at measured intervals in order to ensure the auctions stayed alive.

Opportunities to buy a good for less than it could be sold). The intuition is that in completion, an agent cannot simply allocate the goods it buys without weighing into its decisions the opportunity costs of not selling those goods on the open market. In the reduction, the value of an optimal completion differs from the value of an optimal acquisition by a constant value C = ARB(P, Π). By adding this constant C to the acquisition value, an agent implicitly takes advantage of all arbitrage opportunities, even though the agent cannot explicitly sell goods in acquisition.

Indeed, the first competition (TAC-00) required agents to solve an allocation, that is, to construct their own trips from their holdings at the end of the game. Approximate solutions to completion— the most general of these bid determination problems—were essential components of the architectures of the two top-scoring TAC-00 agents, ATTac and RoxyBot [Stone and Greenwald, 2005]. In subsequent competitions most agents have included modules solving some version of these problems. In what follows, we formally define the bid determination problems listed above.

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