Dynamic service pricing for brokers in a multi-agent economy

P. Dasgupta, R. Das

Research output: Chapter in Book/Report/Conference proceedingConference contribution

10 Scopus citations

Abstract

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.

Original languageEnglish (US)
Title of host publicationProceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages375-376
Number of pages2
ISBN (Electronic)0769506259, 9780769506258
DOIs
StatePublished - 2000
Event4th International Conference on MultiAgent Systems, ICMAS 2000 - Boston, United States
Duration: Jul 10 2000Jul 12 2000

Publication series

NameProceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000

Other

Other4th International Conference on MultiAgent Systems, ICMAS 2000
CountryUnited States
CityBoston
Period7/10/007/12/00

ASJC Scopus subject areas

  • Artificial Intelligence
  • Control and Systems Engineering

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  • Cite this

    Dasgupta, P., & Das, R. (2000). Dynamic service pricing for brokers in a multi-agent economy. In Proceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000 (pp. 375-376). [858482] (Proceedings - 4th International Conference on MultiAgent Systems, ICMAS 2000). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/ICMAS.2000.858482