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Decision Procedures for Multiple Auctions
Byde, Andrew; Preist, Chris; Jennings, Nicholas R.
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Abstract: This paper presents a decision theoretic framework that an autonomous agent can use to bid effectively across multiple, simultaneous auctions. Specifically, our framework enables an agent to make rational decisions about purchasing multiple goods from a series of auctions that operate different protocols (we deal with the English, Dutch, First-Price Sealed Bid and Vickery cases). The framework is then used to characterize the optimal decision that an agent should take. Finally, we develop a practical algorithm that provides a heuristic approximation to this ideal. Notes: Nicholas R. Jennings, Dept of Electronics & Computer Science, University of Southampton, Southampton, UK, SO17 1BJ
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