Internet Auctions With Artificial Adaptive Agents PDF Download
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Author: John Duffy
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Many internet auction sites implement ascending-bid, second-price auctions. Empirically, last minute or quot;latequot; bidding is frequently observed in quot;hard-closequot; but not in quot;soft-closequot; versions of these auctions. In this paper, we introduce an independent private-value repeated internet auction model to explain this observed difference in bidding behavior. We use finite automata to model the repeated auction strategies. We report results from simulations involving populations of artificial bidders who update their strategies via a genetic algorithm. We show that our model can deliver late or early bidding behavior, depending on the auction closing rule in accordance with the empirical evidence. Among other findings, we observe that hard-close auctions raise less revenue than soft-close auctions. We also investigate interesting properties of the evolving strategies and arrive at some conclusions regarding both auction designs from a market design point of view.
Author: John Duffy
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
Many internet auction sites implement ascending-bid, second-price auctions. Empirically, last minute or quot;latequot; bidding is frequently observed in quot;hard-closequot; but not in quot;soft-closequot; versions of these auctions. In this paper, we introduce an independent private-value repeated internet auction model to explain this observed difference in bidding behavior. We use finite automata to model the repeated auction strategies. We report results from simulations involving populations of artificial bidders who update their strategies via a genetic algorithm. We show that our model can deliver late or early bidding behavior, depending on the auction closing rule in accordance with the empirical evidence. Among other findings, we observe that hard-close auctions raise less revenue than soft-close auctions. We also investigate interesting properties of the evolving strategies and arrive at some conclusions regarding both auction designs from a market design point of view.
Author: James Andreoni
Publisher:
ISBN:
Category : Auctions
Languages : en
Pages : 26
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Book Description
Author: Clemens van Dinther
Publisher: Springer Science & Business Media
ISBN: 3764381132
Category : Computers
Languages : en
Pages : 245
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Book Description
This is one of the first books on the use of software agents to simulate bidding behavior in electronic auctions. It introduces market theory and computational economics together, and gives an overview on the most common and up-to-date agent-based simulation methods. The book will help the reader learn more about simulations in economics in general and common agent-based methods and tools in particular.
Author: Deddy Koesrindartoto
Publisher:
ISBN:
Category :
Languages : en
Pages : 65
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Book Description
Author: James Andreoni
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Author: Shu-Heng Chen
Publisher: Routledge
ISBN: 1317560922
Category : Business & Economics
Languages : en
Pages : 543
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Book Description
This book aims to answer two questions that are fundamental to the study of agent-based economic models: what is agent-based computational economics and why do we need agent-based economic modelling of economy? This book provides a review of the development of agent-based computational economics (ACE) from a perspective on how artificial economic agents are designed under the influences of complex sciences, experimental economics, artificial intelligence, evolutionary biology, psychology, anthropology and neuroscience. This book begins with a historical review of ACE by tracing its origins. From a modelling viewpoint, ACE brings truly decentralized procedures into market analysis, from a single market to the whole economy. This book also reviews how experimental economics and artificial intelligence have shaped the development of ACE. For the former, the book discusses how ACE models can be used to analyse the economic consequences of cognitive capacity, personality and cultural inheritance. For the latter, the book covers the various tools used to construct artificial adaptive agents, including reinforcement learning, fuzzy decision rules, neural networks, and evolutionary computation. This book will be of interest to graduate students researching computational economics, experimental economics, behavioural economics, and research methodology.
Author: Osmar Zaïane
Publisher: Springer Science & Business Media
ISBN: 3540203044
Category : Computers
Languages : en
Pages : 190
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Book Description
This book constitutes the thoroughly refereed post-proceedings of the 4th International Workshop on Mining Web Data, WEBKDD 2002, held in Edmonton, Canada, in July 2002. The 10 revised full papers presented together with a detailed preface went through two rounds of reviewing and improvement and were selected from 23 submissions. The papers are organized in topical sections on categorization of users and usage, prediction and recommendation, and evaluation of algorithms.
Author: Haiping Xu
Publisher: BoD – Books on Demand
ISBN: 9535102761
Category : Computers
Languages : en
Pages : 140
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Book Description
Agent-based technology provides a new computing paradigm, where intelligent agents can be used to perform tasks such as sensing, planning, scheduling, reasoning and decision-making. In an agent-based system, software agents with sufficient intelligence and autonomy can either work independently or coordinately with other agents to accomplish tasks and missions. In this book, we provide up-to-date practical applications of agent-based technology in various fields, such as electronic commerce, grid computing, and adaptive virtual environment. The selected applications are invaluable for researchers and practitioners to understand the practical usage of agent-based technology, and also to apply agent-based technology innovatively in different areas.
Author: Aleksandra Aloric
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Nir Vulkan
Publisher: OUP Oxford
ISBN: 0191668435
Category : Business & Economics
Languages : en
Pages : 706
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Book Description
Economists often look at markets as given, and try to make predictions about who will do what and what will happen in these markets. Market design, by contrast, does not take markets as given; instead, it combines insights from economic and game theory together with common sense and lessons learned from empirical work and experimental analysis to aid in the design and implementation of actual markets In recent years the field has grown dramatically, partially because of the successful wave of spectrum auctions in the US and in Europe, which have been designed by a number of prominent economists, and partially because of the increase use of the Internet as the platform over which markets are designed and run There is now a large number of applications and a growing theoretical literature. The Handbook of Market Design brings together the latest research from leading experts to provide a comprehensive description of applied market design over the last two decades In particular, it surveys matching markets: environments where there is a need to match large two-sided populations to one another, such as medical residents and hospitals, law clerks and judges, or patients and kidney donors It also examines a number of applications related to electronic markets, e-commerce, and the effect of the Internet on competition between exchanges.
