TY - GEN
T1 - Dynamic service pricing for brokers in a multi-agent economy
AU - Dasgupta, P.
AU - Das, R.
N1 - Publisher Copyright:
© 2000 IEEE.
PY - 2000
Y1 - 2000
N2 - Studies the price dynamics in a multi-agent economy consisting of buyers and competing sellers, where each seller has limited information about its competitors' prices. In this economy, buyers use comparison shopping agents (shopbots) while the sellers employ automated pricing agents (pricebots). Derivative following (DF) provides a simple, albeit naive strategy for dynamic pricing in such a scenario. In this work, we refine the DF algorithm and introduce a model optimizer (MO) algorithm that re-estimates the price-profit relationship for a seller at every interval more efficiently. Simulations using the MO pricebots indicate that it outperforms DF even though it has no additional information about the market.
AB - Studies the price dynamics in a multi-agent economy consisting of buyers and competing sellers, where each seller has limited information about its competitors' prices. In this economy, buyers use comparison shopping agents (shopbots) while the sellers employ automated pricing agents (pricebots). Derivative following (DF) provides a simple, albeit naive strategy for dynamic pricing in such a scenario. In this work, we refine the DF algorithm and introduce a model optimizer (MO) algorithm that re-estimates the price-profit relationship for a seller at every interval more efficiently. Simulations using the MO pricebots indicate that it outperforms DF even though it has no additional information about the market.
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U2 - 10.1109/ICMAS.2000.858482
DO - 10.1109/ICMAS.2000.858482
M3 - Conference contribution
AN - SCOPUS:4544254001
T3 - Proceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000
SP - 375
EP - 376
BT - Proceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000
PB - Institute of Electrical and Electronics Engineers Inc.
T2 - 4th International Conference on MultiAgent Systems, ICMAS 2000
Y2 - 10 July 2000 through 12 July 2000
ER -