DOI | Resolve DOI: https://doi.org/10.1007/978-3-540-24840-8_32 |
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Author | Search for: Buffett, Scott1; Search for: Grant, Alastair2 |
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Affiliation | - National Research Council of Canada. Information and Communication Technologies
- National Research Council of Canada. NRC Institute for Information Technology
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Format | Text, Book Chapter |
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Conference | 17th Conference of the Canadian Society for Computational Studies of Intelligence, May 17-19, 2004, London, Ontario, Canada |
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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. |
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Publication date | 2004-01-01 |
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Publisher | Springer Berlin Heidelberg |
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In | |
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Series | |
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Language | English |
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Peer reviewed | Yes |
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NPARC number | 23000092 |
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Export citation | Export as RIS |
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Report a correction | Report a correction (opens in a new tab) |
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Record identifier | 0efb30e1-7e34-4682-99a5-50e5b0e4633a |
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Record created | 2016-06-02 |
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Record modified | 2020-06-12 |
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