Using Option Pricing to Value Commitment Flexibility in Multi-agent Systems (1997)
| Citations: | 3 - 0 self |
BibTeX
@TECHREPORT{Sycara97usingoption,
author = {Katia Sycara},
title = {Using Option Pricing to Value Commitment Flexibility in Multi-agent Systems},
institution = {},
year = {1997}
}
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Abstract
With the explosive growth of internet activity, there will be an increasing reliance on intelligent software agents for electronic commerce and information retrieval. Such multi-agents systems will be comprised of self-motivated agents that interact with each other though negotiation and task delegation. Multi-agent technology models and facilitates these interactions through automated contracting. We develop a domain independent computational model to study in a uniform manner many complex issues that arise in multi-agent contracting, such as modeling commitment flexibility in a contract, valuing a contract under assumptions of uncertainty, risk reduction, making decisions in situations of asymmetric information, or situations of sequential subcontracting where each agent must decide to subcontract part of its current contract to others. Our model is based on financial option pricing theory. We believe that modeling contracts as options provides a natural unified framework for taking...
Keyphrases
multi-agent system value commitment flexibility uniform manner many complex issue multi-agents system self-motivated agent electronic commerce current contract asymmetric information financial option pricing theory multi-agent contracting information retrieval natural unified framework task delegation explosive growth internet activity risk reduction commitment flexibility intelligent software agent multi-agent technology model domain independent computational model
