| DOI | Resolve DOI: https://doi.org/10.1007/978-3-540-24840-8_32 |
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| Author | Search for: Buffett, Scott1; Search for: Grant, Alastair2 |
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| Affiliation | - National Research Council of Canada. Information and Communication Technologies
- National Research Council of Canada. NRC Institute for Information Technology
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| Format | Text, Book Chapter |
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| Conference | 17th Conference of the Canadian Society for Computational Studies of Intelligence, May 17-19, 2004, London, Ontario, Canada |
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| Abstract | This paper presents an algorithm for decision-making where the buyer needs to procure one of possibly many bundles of complementary products, and items are sold individually in multiple open ascending-price (English) auctions. Auctions have fixed start and end times, and some may run concurrently. Expected utility of a bidding choice is computed by considering expected utility of choices at future decisions. The problem is modeled as a Markov decision process, and dynamic programming is used to determine the value of bidding/not bidding in each state. Three techniques for reducing the state space are given. Results show that a bidding agent using this algorithm achieves significantly higher utility on average when compared with one that does not consider the value of future choices. |
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| Publication date | 2004-01-01 |
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| Publisher | Springer Berlin Heidelberg |
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| In | |
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| Series | |
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| Language | English |
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| Peer reviewed | Yes |
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| NPARC number | 23000092 |
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| Export citation | Export as RIS |
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| Report a correction | Report a correction (opens in a new tab) |
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| Record identifier | 0efb30e1-7e34-4682-99a5-50e5b0e4633a |
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| Record created | 2016-06-02 |
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| Record modified | 2020-06-12 |
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