Probabilistic Automated Bidding in Multiple Auctions

Dumas, Marlon, Aldred, Lachlan, Governatori, Guido and ter Hofstede, Arthur H. M. (2005) Probabilistic Automated Bidding in Multiple Auctions. Electronic Commerce Research, 5 1: 25-49. doi:10.1023/B:ELEC.0000045972.75533.90

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Author Dumas, Marlon
Aldred, Lachlan
Governatori, Guido
ter Hofstede, Arthur H. M.
Title Probabilistic Automated Bidding in Multiple Auctions
Journal name Electronic Commerce Research   Check publisher's open access policy
ISSN 1572-9362
Publication date 2005-01-01
DOI 10.1023/B:ELEC.0000045972.75533.90
Open Access Status File (Author Post-print)
Volume 5
Issue 1
Start page 25
End page 49
Total pages 25
Editor B. Gavish
Place of publication United States
Publisher Springer
Language eng
Subject 280210 Simulation and Modelling
280100 Information Systems
350213 Electronic Commerce
700100 Computer Software and Services
Abstract This paper presents an approach to develop bidding agents that participate in multiple alternative auctions, with the goal of obtaining an item with a given probability. The approach consists of a prediction method and a planning algorithm. The prediction method exploits the history of past auctions in order to build probability functions capturing the belief that a bid of a given price may win a given auction. The planning algorithm computes a price, such that by sequentially bidding in a subset of the relevant auctions, the agent can obtain the item at that price with the desired probability. The approach addresses the case where the auctions are for substitutive items with different values. Experimental results show that the approach increases the payoff of their users and the welfare of the market.
Keyword auctions
software agents
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ
Additional Notes Copyright (c) 2005 Springer. The original publication is available at

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Created: Thu, 14 Apr 2005, 10:00:00 EST by Guido Governatori on behalf of School of Information Technol and Elec Engineering