A Heuristic Bidding Strategy for Buying Multiple Goods in Multiple English Auctions.
OA Location
Author(s)
He, M
Jennings, NR
Prugel-Bennett, A
Type
Journal Article
Abstract
This paper presents the design, implementation, and evaluation of a novel bidding algorithm that a software agent can use to obtain multiple goods from multiple overlapping English auctions. Specifically, an Earliest Closest First heuristic algorithm is proposed that uses neurofuzzy techniques to predict the expected closing prices of the auctions and to adapt the agent?s bidding strategy to reflect the type of environment in which it is situated. This algorithm first identifies the set of auctions that are most likely to give the agent the best return and then, according to its attitude to risk, it bids in some other auctions that have approximately similar expected returns, but which finish earlier than those in the best return set. We show through empirical evaluation against a number of methods proposed in the multiple auction literature that our bidding strategy performs effectively and robustly in a wide range of scenarios.
Date Issued
2006
Citation
ACM Trans on Internet Technology, 2006, 6, pp.465-496
Start Page
465
End Page
496
Journal / Book Title
ACM Trans on Internet Technology
Volume
6
Identifier
http://eprints.soton.ac.uk/264473/
Subjects
Networking & Telecommunications
0805 Distributed Computing
0806 Information Systems
0801 Artificial Intelligence And Image Processing
Notes
keywords: Intelligent Agents, Online Auctions, Multiple English Auctions, Bidding Strategy, e-commerce
Article Number
4