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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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.
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|Item Type:||Conference Paper|
|Keywords:||online auction, automated bidding, e, commerce agent|
|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|
Available Versions of this Item
- An Architecture for Assembling Agents that Participate in Alternative Heterogeneous Auctions. (deposited 06 Jul 2005)
- A Probabilistic Approach to Automated Bidding in Alternative Auctions. (deposited 06 Jul 2005)[Currently Displayed]
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