Probabilistic Automated Bidding in Multiple Auctions
Dumas, Marlon, Aldred, Lachlan J., Governatori, Guido, & ter Hofstede, Arthur H.M. (2005) Probabilistic Automated Bidding in Multiple Auctions. Electronic Commerce Research, 5(1), pp. 25-49.
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Abstract
This paper presents an approach to develop bidding agents that participate in multiple auctions with the goal of obtaining an item with a given probability. The approach consists of a prediction method and a planning algorithm. The prediction method exploits the history of past auctions to compute probability functions capturing the belief that a bid of a given price may win a given auction. The planning algorithm computes a price and a set of compatible auctions, such that by sequentially bidding this price in each of the auctions, the agent can obtain the item with the desired probability. Experiments show that the approach increases the payoff of their users and the welfare of the market.
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| ID Code: | 1242 |
|---|---|
| Item Type: | Journal Article |
| DOI: | 10.1023/B:ELEC.0000045972.75533.90 |
| ISSN: | 1572-9362 |
| Divisions: | Past > Schools > Computer Science Past > QUT Faculties & Divisions > Faculty of Science and Technology Past > Schools > Information Systems |
| Copyright Owner: | Copyright 2005 Springer |
| Copyright Statement: | The original publication is available at SpringerLink |
| Deposited On: | 18 May 2005 |
| Last Modified: | 29 Feb 2012 23:11 |
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