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Adaptive conceding strategies for automoted trading agents in dynamic, open markets
Decision Support Systems
  • Fenghui Ren, University of Wollongong
  • Minjie Zhang, University of Wollongong
  • Kwang Mong Sim, Gwangju Institute of Science and Technology
Document Type
Journal Article
Publication Date
One of the crucial issues of automated negotiation in multi-agent systems is how to reach an agreement when a negotiation environment becomes open and dynamic. Even though some strategies have been proposed by researchers, most of them can only work within a static negotiation environment. In this paper, we present a model for designing a strategy for agents that makes adjustable rates of concession by negotiating according to the changes of environments with uncertain and dynamic outside options. This proposal is based on the market-driven agents (MDAs) model, and is guided by four factors in order to determine the degree of concession. These factors are trading opportunity, trading competition, trading time and strategy, and eagerness. The contribution of this paper is extending the MDAs model to an open and dynamic negotiation environment by considering both the current and potential changes of the environment.
Citation Information
Fenghui Ren, Minjie Zhang and Kwang Mong Sim. "Adaptive conceding strategies for automoted trading agents in dynamic, open markets" Decision Support Systems Vol. 46 Iss. 3 (2009) p. 704 - 716
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