1,720,979 research outputs found
Optimal bidding strategies for simultaneous Vickrey auctions with perfect substitutes
No full textIn this paper, we derive optimal bidding strategies for a global bidder who participates in multiple, simultaneous second-price auctions with perfect substitutes. We first consider a model where all other bidders are local and participate in a single auction. For this case, we prove that, assuming free disposal, the global bidder should always place non-zero bids in all available auctions, irrespective of the local bidders’ valuation distribution. Furthermore, for nondecreasing valuation distributions, we prove that the problem of finding the optimal bids reduces to two dimensions. These results hold both in the case where the number of local bidders is known and when this number is determined by a Poisson distribution. In addition, by combining analytical and simulation results, we demonstrate that similar results hold in the case of several global bidders, provided that the market consists of both global and local bidders. Finally, we address the efficiency of the overall market, and show that information about the number of local bidders is an important determinant for the way in which a global bidder affects efficiency
A risk-based bidding strategy for continuous double auctions
No full textWe develop a novel bidding strategy that software agents can use to buy and sell goods in Continuous Double Auctions (CDAs). Our strategy involves the agent forming a bid or ask by assessing the degree of risk involved and making a prediction about the competitive equilibrium that is likely to be reached in the marketplace. We benchmark our strategy against two of the most common strategies for CDAs, namely the Zero-Intelligence and the Zero-Intelligence Plus strategies, and we show that our agents outperform these benchmarks. Specifically, our agents win in 100% of the simulations against the ZI agents and, on average, 75% of the games against the ZIP agents
WhiteDolphin: A TAC travel agent.
No full textIn this paper, we detail our WhiteDolphin agent that was designed for the Trading Agent Competition (TAC) Travel game. Specifically, we employed the multi-layered IKB framework to design our strategy, and describe the intricate cogs involved at the different layers in this complex decision-making process. We focus, in particular, on WhiteDolphin’s strategic behaviour when bidding in the different types of auctions involved in the game, and how the information and knowledge required to support the complex decisions made is gathered and inferred respectively. Finally, we empirically analyse our agent by considering its performance in the 2006 competition where it ranked third
Competing sellers in online markets: reserve prices, shill bidding and auction fees
No full textIn this paper, we consider competition between sellers offering similar items in concurrent online auctions, where each seller must set its individual auction parameters (such as the reserve price) in such a way as to attract buyers. We show that there exists a pure Nash equilibrium in the case of two sellers with asymmetric production costs. In addition, we show that, rather than setting a reserve price, a seller can further improve its utility by shill bidding (i.e., pretending to be a buyer in order to bid in its own auction). But, using an evolutionary simulation, we show that this shill bidding introduces inefficiencies within the market. However, we then go on to show that these inefficiencies can be reduced when the mediating auction institution uses appropriate auction fees that deter sellers from submitting shill bids
A Framework for Designing Strategies for Trading Agents
No full textIn this paper, we present a novel multi-layered framework for designing strategies for trading agents. The objective of this work is to provide a framework that will assist strategy designers with the different aspects involved in designing a strategy. At present, such strategies are typically designed in an ad-hoc and intuitive manner with little regard for discerning best practice or attaining reuseability in the design process. Given this, our aim is to put such developments on a more systematic engineering footing. After we describe our framework, we then go on to illustrate its use for a particular type of market mechanism (namely the Continuous Double Auction)
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
A utility-based sensing and communication model for a glacial sensor network
No full textThis paper reports on the development of a utility-based mechanism for managing sensing and communication in cooperative multi-sensor networks. The specific application considered is that of GLACSWEB, a deployed system that uses battery-powered sensors to collect environmental data related to glaciers which it transmits back to a base station so that it can be made available world-wide to researchers. In this context, we first develop a sensing protocol in which each sensor locally adjusts its sensing rate based on the value of the data it believes it will observe. Then, we detail a communication protocol that finds optimal routes for relaying this data back to the base station based on the cost of communicating it (derived from the opportunity cost of using the battery power for relaying data). Finally, we empirically evaluate our protocol by examining the impact on efficiency of the network topology, the size of the network, and the degree of dynamism of the environment. In so doing, we demonstrate that the efficiency gains of our new protocol, over the currently implemented method over a 6 month period, are 470%, 250% and 300% respectively
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
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