Abstract
Current auctions often expose bidding agents to two difficult, yet common, problems. First, bidding agents often have the opportunity to participate in successive auctions selling the same good, with no dominant bidding strategy in any single auction. Second, bidding agents often need to acquire a bundle of goods by bidding in multiple auctions, again with no dominant bidding strategy in any single auction. This paper introduces an options-based infrastructure that respects the autonomy of individual sellers but still enables bidders to utilize a dominant, truthful strategy across multiple auctions.
This is a preview of subscription content, log in via an institution to check access.
Preview
Unable to display preview. Download preview PDF.
Similar content being viewed by others
References
Anthony, P., Jennings, N.R.: Developing a bidding agent for multiple heterogeneous auctions. ACM Trans. On Internet Technology (2003)
Boutilier, C., Goldszmidt, M., Sabata, B.: Sequential auctions for the allocation of resources with complementarities. In: Proc. 16th International Joint Conference on Artificial Intelligence (IJCAI 1999), pp. 527–534 (1999)
Byde, A., Preist, C., Jennings, N.R.: Decision procedures for multiple auctions. In: Proc. 1st Int. Joint Conf. on Autonomous Agents and Multiagent Systems (AAMAS 2002) (2002)
Bykowsky, M.M., Cull, R.J., Ledyard, J.O.: Mutually destructive bidding: The FCC auction design problem. J. of Regulatory Economics (2000)
Dash, R.K., Jennings, N.R., Parkes, D.C.: Computational-mechanism design: A call to arms. IEEE Intelligent Systems, 40–47 (November 2003). Special Issue on Agents and Markets
Dixit, A.K., Pindyck, R.S.: Investment under Uncertainty. Princeton University Press, Princeton (1994)
Reeves, D.M., Wellman, M.P., MacKie-Mason, J.K., Osepayshvili, A.: Exploring bidding strategies for market-based scheduling. In: Decision Support Systems (2004); Special issue dedicated to the Fourth ACM Conference on Electronic Commerce (EC 2003)
Greenwald, A., Kephart, J.O.: Shopbots and pricebots. In: Proc. 16th International Joint Conference on Artificial Intelligence (IJCAI 1999), pp. 506–511 (1999)
Hajiaghayi, M.T., Kleinberg, R., Parkes, D.C.: Adaptive limited-supply online auctions. In: Proc. ACM Conf. on Electronic Commerce, pp. 71–80 (2004)
Iwasaki, A., Yokoo, M., Terada, K.: A robust open ascending-price multi-unit auction protocol against false-name bids. In: Decision Support Systems (2004); Special issue dedicated to the Fourth ACM Conference on Electronic Commerce (EC 2003)
Lavi, R., Nisan, N.: Competitive analysis of incentive compatible on-line auctions. In: Proc. 2nd ACM Conf. on Electronic Commerce (EC 2000) (2000)
Leyton-Brown, K., Pearson, M., Shoham, Y.: Towards a universal test suite for combinatorial auctions. In: Proc. 2nd ACM Conf. on Electronic Commerce (EC 2000) (2000)
Ng, C., Parkes, D.C., Seltzer, M.: Strategyproof Computing: Systems infrastructures for self-interested parties. In: 1st Workshop on Economics of Peer-to-Peer Systems, Berkeley, CA (June 2003)
Parkes, D.C.: Five AI challenges in Strategyproof Computing. In: Proc. IJCAI 2003 Workshop on Autonomic Computing, Aculpulco, Mexico (2003)
Parkes, D.C., Singh, S.: An MDP-based approach to Online Mechanism Design. In: Proc. 17th Annual Conf. on Neural Information Processing Systems (NIPS 2003) (2003)
Porter, R., Ronen, A., Shoham, Y., Tennenholtz, M.: Mechanism design with execution uncertainty. In: Proc. 18th Conf. on Uncertainty in Artificial Intelligence (UAI 2002) (2002)
Rothkopf, M.H., Engelbrecht-Wiggans, R.: Innovative approaches to competitive mineral leasing. Resources and Energy 14, 233–248 (1992)
Rothkopf, M.H., Pekeč, A., Harstad, R.M.: Computationally manageable combinatorial auctions. Management Science 44(8), 1131–1147 (1998)
Sandholm, T., Lesser, V.: Leveled commitment contracts and strategic breach. Games and Economic Behavior 35, 212–270 (2001)
Wellman, M.P., Wurman, P.R.: Market-aware agents for a multiagent world. In: Boman, M., Van de Velde, W. (eds.) MAAMAW 1997. LNCS, vol. 1237, pp. 115–125. Springer, Heidelberg (1997)
Yokoo, M., Sakurai, Y., Matsubara, S.: The effect of false-name bids in combinatorial auctions: New Fraud in Internet Auctions. Games and Economic Behavior 46(1), 174–188 (2004)
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2006 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Juda, A.I., Parkes, D.C. (2006). An Options-Based Method to Solve the Composability Problem in Sequential Auctions. In: Faratin, P., Rodríguez-Aguilar, J.A. (eds) Agent-Mediated Electronic Commerce VI. Theories for and Engineering of Distributed Mechanisms and Systems. AMEC 2004. Lecture Notes in Computer Science(), vol 3435. Springer, Berlin, Heidelberg. https://doi.org/10.1007/11575726_4
Download citation
DOI: https://doi.org/10.1007/11575726_4
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-29737-6
Online ISBN: 978-3-540-33166-7
eBook Packages: Computer ScienceComputer Science (R0)