Backward InDuction Strategy (BIDS) for bidding in multiple auctions

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

Research output: Journal article publicationConference articleAcademic researchpeer-review

1 Citation (Scopus)

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 languageEnglish
Pages (from-to)4322-4327
Number of pages6
JournalProceedings of the IEEE International Conference on Systems, Man and Cybernetics
Volume5
Publication statusPublished - 24 Nov 2003
EventSystem Security and Assurance - Washington, DC, United States
Duration: 5 Oct 20038 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