Backward InDuction Strategy (BIDS) for bidding in multiple auctions

Jie Zhang; Raymond S.T. Lee; Chun Bun Henry Chan

Backward InDuction Strategy (BIDS) for bidding in multiple auctions

Jie Zhang, Raymond S.T. Lee, Chun Bun Henry Chan

Research output: Journal article publication › Conference article › Academic research › peer-review

Abstract

We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, this 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.

Original language	English
Pages (from-to)	4322-4327
Number of pages	6
Journal	Proceedings of the IEEE International Conference on Systems, Man and Cybernetics
Volume	5
Publication status	Published - 24 Nov 2003
Event	System Security and Assurance - Washington, DC, United States Duration: 5 Oct 2003 → 8 Oct 2003

Keywords

Agent-based auction system
Auction/bidding strategy
Negotiation mechanism

ASJC Scopus subject areas

Control and Systems Engineering
Hardware and Architecture

Cite this

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title = "Backward InDuction Strategy (BIDS) for bidding in multiple auctions",

abstract = "We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, this 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 = "Agent-based auction system, Auction/bidding strategy, Negotiation mechanism",

author = "Jie Zhang and Lee, {Raymond S.T.} and Chan, {Chun Bun Henry}",

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N2 - We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, this 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.

AB - We present a bidding strategy that enables an agent to bid in multiple English auctions. Based on a backward induction method, this 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.

KW - Agent-based auction system

KW - Auction/bidding strategy

KW - Negotiation mechanism

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M3 - Conference article

SN - 0884-3627

VL - 5

SP - 4322

EP - 4327

JO - Proceedings of the IEEE International Conference on Systems, Man and Cybernetics

JF - Proceedings of the IEEE International Conference on Systems, Man and Cybernetics

T2 - System Security and Assurance

Y2 - 5 October 2003 through 8 October 2003

ER -

Backward InDuction Strategy (BIDS) for bidding in multiple auctions

Abstract

Keywords

ASJC Scopus subject areas

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