Autonomous agents that participate in the electronic market environment introduce an advanced paradigm for realizing automated deliberations over offered prices of auctioned goods. These agents represent humans and their assets, therefore it is critical for them not only to act rationally but also efficiently. By enabling agents to deploy bidding strategies and to compete with each other in a m...

The paper presents a complete information model of bidding in second price sealed bid and ascending price (English) auctions, in which potential buyers know the unit valuation of other bidders and may spitefully prefer that their rivals earn a lower surplus. Bidders with spiteful preferences should overbid in equilibrium when they know their rival has a higher value than their own, and bidders ...

Industrial buyers often create cost models to estimate the costs of potential suppliers and use the information to negotiate an attractive price with suppliers. However, in settings where the buyer wishes to negotiate a contract price by soliciting competitive bids from multiple suppliers, the benefit of cost modeling is not clear since the bidding competition among suppliers can itself reveal ...

ago, " Where on earth is Weston-super-Mare ? " for this bright little town has in a brief period grown from a village composed of a few fisher-huts, scattered here and there about its sandy wastes, to a fashionable seaside resort of no mean renown, bidding fair to beat in the struggle for popularity many, if not all, of its West of England rivals. In the month of August of 1819, when the justly...

This paper presents a new bidding strategy for continuous double auctions (CDA) designed for Mertacor, a successful trading agent, which won the first price in the “travel game” of Trading Agent Competition (TAC) for 2005. TAC provides a realistic benchmarking environment in which various travel commodities are offered in simultaneous online auctions. Among these, entertainment tickets are trad...

Online auction environments provide several sources of information that can be used by bidders to form their bids. One such information set that has been relatively understudied in the literature pertains to reference prices available to the bidder from other concurrent and comparable auctions. In this paper, we study how reference prices from such auctions affect bidding behavior on the focal ...

Dynamic price setting mechanisms such as online auctions typify the new generation of mercantile processes being used on the WWW. However, arbitrary pricing mechanisms can result in loss of revenue and social capital in markets characterized by tight margins. This work presents a relatively risk-free and cost-effective approach to managing innovation in the area of web-based dynamic price setti...

We study a procurement setting in which the buyer seeks a low price but will not allocate the contract to a supplier who has not passed qualification screening. Qualification screening is costly for the buyer, involving product tests, site visits, and interviews. In addition to a qualified incumbent supplier, the buyer has an entrant of unknown qualification. The buyer wishes to run a price-onl...

Large-scale wind power integration brings great challenges to system operation. The use of large-scale in the electricity market has become a concern for many researchers. Demand response (DR) and energy storage systems (ESSs) play crucial roles consumption power. In this paper, detailed DR model is established, including price-based demand (PBDR) incentive-based (IBDR). IBDR contains load shif...

Matching market and its many variants have been an intensively studied problem in Economics and Computer Science. In many applications centralized prices are used to determine allocations of indivisible items under the principles of individual optimization and market clearance, based on public knowledge of individual preferences. Alternatively, auction mechanisms have been used with a different...