• 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