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Article
Walverine: A Walrasian Trading Agent
Decision Support Systems
  • Shih-Fen CHENG, Singapore Management University
  • Evan LEUNG
  • Kevin M. LOCHNER
  • Kevin O'MALLEY
  • Daniel M. REEVES
  • Julian L. SCHVARTZMAN
  • Michael P. WELLMAN, University of Michigan
Publication Type
Journal Article
Publication Date
4-2005
Abstract
TAC-02 was the third in a series of Trading Agent Competition events fostering research in automating trading strategies by showcasing alternate approaches in an open-invitation market game. TAC presents a challenging travel-shopping scenario where agents must satisfy client preferences for complementary and substitutable goods by interacting through a variety of market types. Michigan's entry, Walverine, bases its decisions on a competitive (Walrasian) analysis of the TAC travel economy. Using this Walrasian model, we construct a decision-theoretic formulation of the optimal bidding problem, which Walverine solves in each round of bidding for each good. Walverine's optimal bidding approach, as well as several other features of its overall strategy, are potentially applicable in a broad class of trading environments.
Identifier
10.1016/j.dss.2003.10.005
Publisher
Elsevier
Additional URL
http://dx.doi.org/10.1016/j.dss.2003.10.005
Citation Information
Shih-Fen CHENG, Evan LEUNG, Kevin M. LOCHNER, Kevin O'MALLEY, et al.. "Walverine: A Walrasian Trading Agent" Decision Support Systems Vol. 39 Iss. 2 (2005) p. 169 - 184 ISSN: 0167-9236
Available at: http://works.bepress.com/sfcheng/2/