Abstract
The paper deals with behaviour of trading agents with the lowest level of bounded rationality on an electronic market where the double auction is applied as a trading mechanism. Two types of double auction have been considered: the clearing house and the continuous double auction. The agent behaviour is modelled using business strategies based on adaptive learning algorithms and imitation which is governed by replicator dynamics from evolutionary game theory. A case study describing optical bandwidth trading on the double auction electronic market is analyzed.
This is a preview of subscription content, log in via an institution to check access.
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Friedman, D., Rust, J. (eds.): The Double Auction Market: Institutions, Theories, and Evidence. Perseus Publishing, Cambridge (1993)
Huck, S. (ed.): Advances in Understanding Strategic Behaviour: Game Theory, Experiments and Bounded Rationality. Palgrave Macmillian, Hampshire (2004)
Vega-Redondo, F.: Economics and the Theory of Games. Cambridge University Press, Cambridge (2003)
Priest, C., van Tol, M.: Adaptive Agents in a Persistent Shout Double Auction. In: Proceedings of the 1st International Conference on Information and Computation Economies, Charleston, USA, pp. 11–18 (1998)
Cliff, D., Bruten, J.: Minimal-Intelligence Agents for Bargaining Behaviors in Market-Based Environments. Technical Report HPL 97-91, HP Labs, Bristol (1997)
Konar, A.: Artificial Intelligence and Soft Computing: Behavioral and Cognitive Modeling of the Human Brain. CRC Press, Boca Raton (1999)
Erev, I., Roth, A.E.: Predicting How People Play Games: Reinforcement Learning in Experimental Games with Unique, Mixed Strategy Equilibria. American Economic Review 4, 848–881 (1998)
Weibull, J.W.: Evolutionary Game Theory. MIT Press, Cambridge (1997)
Krishna, V.: Auction Theory. Academic Press, San Diego (2002)
Walsh, W.E., Das, R., Tesauro, G., Kephart, J.O.: Analyzing Complex Strategic Interactions in Multi-Agent Systems. In: Proceeding of the AAAI 2002 Workshop on Game Theoretic and Decision Theoretic Agents, Edmonton, Canada, pp. 109–118 (2002)
Trzec, K., Mikac, B.: Agent-Based Electronic Market for Optical Bandwidth Trading. In: Proceedings of the 12th International Conference on Software, Telecommunications and Computer Networks (SoftCOM 2004), Split, Croatia, Venice, Italy, pp. 463–467 (2004)
Lovrek, I., Sinkovic, V.: Mobility Management for Personal Agents in the All-Mobile Network. In: Negoita, M.G., Howlett, R.J., Jain, L.C. (eds.) KES 2004. LNCS (LNAI), vol. 3213, pp. 1143–1149. Springer, Heidelberg (2004)
Phelps, S., Tamma, V., Wooldridge, M., Dickinson, I.: Toward Open Negotiation. IEEE Internet Computing 2, 70–75 (2004)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2006 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Trzec, K., Lovrek, I., Mikac, B. (2006). Agent Behaviour in Double Auction Electronic Market for Communication Resources. In: Gabrys, B., Howlett, R.J., Jain, L.C. (eds) Knowledge-Based Intelligent Information and Engineering Systems. KES 2006. Lecture Notes in Computer Science(), vol 4251. Springer, Berlin, Heidelberg. https://doi.org/10.1007/11892960_39
Download citation
DOI: https://doi.org/10.1007/11892960_39
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-46535-5
Online ISBN: 978-3-540-46536-2
eBook Packages: Computer ScienceComputer Science (R0)