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A Probabilistic Approach to Automated Bidding in Alternative Auctions

Dumas, Marlon, Aldred, Lachlan J. , Governatori, Guido, ter Hofstede, Arthur H.M., & Russell, Nick (2002) A Probabilistic Approach to Automated Bidding in Alternative Auctions. In 11th International Conference on the World Wide Web (WWW), 7-11 May 2002, Honolulu, Hawaii, USA.

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Abstract

This paper presents an approach to develop bidding agents that participate in multiple alternative auctions, with the goal of obtaining an item at the lowest price. The approach consists of a prediction method and a planning algorithm. The prediction method exploits the history of past auctions in order to build probability functions capturing the belief that a bid of a given price may win a given auction. The planning algorithm computes the lowest price, such that by sequentially bidding in a subset of the relevant auctions, the agent can obtain the item at that price with an acceptable probability. The approach addresses the case where the auctions are for substitutable items with different values. Experimental results are reported, showing that the approach increases the payoff of their users and the welfare of the market.

Impact and interest:

18 citations in Scopus
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63 since deposited on 06 Jul 2005
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ID Code: 1786
Item Type: Conference Paper
Keywords: online auction, automated bidding, e, commerce agent
DOI: 10.1145/511446.511460
ISBN: 1581134495
Divisions: Past > QUT Faculties & Divisions > Faculty of Science and Technology
Copyright Owner: Copyright 2002 ACM Press
Copyright Statement: Reproduced in accordance with the copyright policy of the publisher.
Deposited On: 06 Jul 2005
Last Modified: 10 Aug 2011 23:00

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