| DOI | Resolve DOI: https://doi.org/10.1007/978-3-540-24840-8_32 |
|---|
| Author | Search for: Buffett, Scott1; Search for: Grant, Alastair2 |
|---|
| Name affiliation | - National Research Council of Canada. Information and Communication Technologies
- National Research Council of Canada. NRC Institute for Information Technology
|
|---|
| Format | Text, Book Chapter |
|---|
| Conference | 17th Conference of the Canadian Society for Computational Studies of Intelligence, May 17-19, 2004, London, Ontario, Canada |
|---|
| Abstract | This paper presents an algorithm for decision-making where the buyer needs to procure one of possibly many bundles of complementary products, and items are sold individually in multiple open ascending-price (English) auctions. Auctions have fixed start and end times, and some may run concurrently. Expected utility of a bidding choice is computed by considering expected utility of choices at future decisions. The problem is modeled as a Markov decision process, and dynamic programming is used to determine the value of bidding/not bidding in each state. Three techniques for reducing the state space are given. Results show that a bidding agent using this algorithm achieves significantly higher utility on average when compared with one that does not consider the value of future choices. |
|---|
| Publication date | 2004-01-01 |
|---|
| Publisher | Springer Berlin Heidelberg |
|---|
| In | |
|---|
| Series | |
|---|
| Language | English |
|---|
| Peer reviewed | Yes |
|---|
| NPARC number | 23000092 |
|---|
| Export citation | Export as RIS |
|---|
| Report a correction | Report a correction (opens in a new tab) |
|---|
| Record identifier | 0efb30e1-7e34-4682-99a5-50e5b0e4633a |
|---|
| Record created | 2016-06-02 |
|---|
| Record modified | 2020-06-12 |
|---|
