DocumentCode
398214
Title
Backward induction strategy (BIDS) for bidding in multiple auctions
Author
Zhang, Jie ; Lee, Raymond S T ; Chan, Henry C B
Author_Institution
Dept. of Comput., Hong Kong Polytech Univ., Kowloon, China
Volume
5
fYear
2003
fDate
5-8 Oct. 2003
Firstpage
4322
Abstract
We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, backward induction strategy (BIDS) seeks to maximize the value of a utility function. In general, the agent needs to determine whether to bid in the next available auction. Note that it may be better to stop bidding if the current utility (the utility associated with the current bid price) is less than the expected utility of all of the subsequent auctions. Simulation results demonstrate the advantages of BIDS over other strategies.
Keywords
Internet; electronic commerce; marketing; optimisation; software agents; agent-based service; backward induction strategy; bidding strategy; multiple English auction; Business; Dynamic programming; Marketing and sales; Mathematical model; Mobile agents; Software agents; Stochastic processes; Utility theory;
fLanguage
English
Publisher
ieee
Conference_Titel
Systems, Man and Cybernetics, 2003. IEEE International Conference on
ISSN
1062-922X
Print_ISBN
0-7803-7952-7
Type
conf
DOI
10.1109/ICSMC.2003.1245664
Filename
1245664
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