Minimal-Intelligence Agents for Bargaining Behaviors in Market-Based Environments (1997)
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BibTeX
@TECHREPORT{Cliff97minimal-intelligenceagents,
author = {Dave Cliff},
title = {Minimal-Intelligence Agents for Bargaining Behaviors in Market-Based Environments},
institution = {},
year = {1997}
}
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Abstract
This report describes simple mechanisms that allow autonomous software agents to engage in bargaining behaviors in market-based environments. Groups of agents with such mechanisms could be used in applications including market-based control, internet commerce, and economic modelling. After an introductory discussion of the rationale for this work, and a brief overview of key concepts from economics, work in market-based control is reviewed to highlight the need for bargaining agents. Following this, the early experimental economics work of Smith (1962) and the recent results of Gode and Sunder (1993) are described.
