D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.  Home/Search   Document Not in Database   Summary   Related Articles   Check

....a protocol for self enforcing cooperation in general auctions and economic mechanisms, when the agents types (e.g. valuations for goods) are taken from a nite set. 2. TECHNICAL BACKGROUND The strategic interaction among self interested agents is a primary topic of study in microeconomics [4] and game theory [1] In particular, the design of protocols for strategic interactions is the subject of the eld termed mechanism design [1] The role of a mechanism (in particular, auction) designer is to de ne a game whose equilibrium strategies are desirable in some respect or another. Thus, ....

....principles and ideas grew up from the mechanism design literature, and have been adapted to the AI context. Although the study of deals among agents has received much attention in the AI literature (see e.g. 7] and although the study and design of contracts is central to information economics [4] (and received much attention in the recent AI literature [8] the literature on cooperation under incomplete information in auctions and trades is quite limited. In particular, the literature on collusion in auctions is somewhat spotty. It is still too broad to give a complete overview of it, ....

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D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

....individual participant. As a result, our study complements previous work on social laws (e.g. Moses and Tennenholtz, 1995; Shoham and Tennenholtz, 1995 ] and on the imposition of protocols on multi agent systems (e.g. Minsky, 1991a; 1991b ] as well as work in information economics (see [ Kreps, 1990 ] for a general discussion) Our work also complements work in Distributed AI dealing with rules on interactions for self motivated agents (e.g. Rosenschein and Zlotkin, 1994; Kraus, 1997 ] as well as work bridging the gap between Game Theory and Computer Science [ Boutilier et al. 1997; ....

D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

....a transaction is being conducted. Failure to follow through on commitments. Discouragement of counterspeculation. Opportunities for counterspeculation arise when the rules of negotiation allow agents to gain advantage by making use of factors other than their own capabilities and valuations [20]. We are concerned with two general types of counterspeculation. Value based counterspeculation [28, 37, 36] occurs when agents use their own estimates of each other s valuations to set bid prices. In [8] we identified two classes of timebased counterspeculation opportunities. One of these ....

D. M. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

....of Internet trades by individual users, lead to new kind of settings for which new theories should be developed and evaluated. The Internet is a distributed environment where self interested parties may interact. The strategic interaction among agents is a major topic of study in microeconomics [8] and game theory [5] In particular, the design of protocols for strategic interactions is the subject of the field termed mechanism design [5, 16, 8] Research on strategic aspects of multi agent activity in Artificial Intelligence has grown rapidly in the recent years. Work in AI has mostly ....

....is a distributed environment where self interested parties may interact. The strategic interaction among agents is a major topic of study in microeconomics [8] and game theory [5] In particular, the design of protocols for strategic interactions is the subject of the field termed mechanism design [5, 16, 8]. Research on strategic aspects of multi agent activity in Artificial Intelligence has grown rapidly in the recent years. Work in AI has mostly concentrated on the design of protocols for agents interaction. Hence, work in AI shares much in common with work on mechanism design in Economics (see ....

D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

.... it is interesting to note that MOP was inspired by general equilibrium theory where the agents strategic behavior is secondary, while our work is inspired by the game theoretic approach where the agents incentives for information revealing play a major role (the reader may wish to consult [1] for a discussion of these two basic complementary perspectives) We see this work as initiating a new line of research. Throughout the development we have made several assumptions in order to derive concrete results. These assumptions can be modified or relaxed, which will call for new analyses. ....

D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

....individual participant. As a result, our study complements previous work on social laws (e.g. Moses and Tennenholtz, 1995; Shoham and Tennenholtz, 1995 ] and on the imposition of protocols on multi agent systems (e.g. Minsky, 1991a; 1991b ] as well as work in information economics (see [ Kreps, 1990 ] for a general discussion) Our work also complements work in Distributed AI dealing with rules on interactions for self motivated agents (e.g. Rosenschein and Zlotkin, 1994; Kraus, 1997 ] as well as work bridging the gap between Game Theory and Computer Science [ Boutilier et al. 1997; ....

D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

....rst price auction, see for instance McAfee and McMillan [9] The outcome of auctions in market games with externalities has also been studied by e. g Funk [4] and Jehiel and Moldovanu [6] In section 2 we rst discuss shortly the concept of a consistent competitive equilibrium, see Kreps [7], which allows participants to make their demands conditional on the (standing) allocation and the price rather than just the price as is the case in the usual concept of competitive equilibrium. As a result we have that a consistent competitive equilibrium is envy free: no participant want to ....

....imposes a large negative externality on him, so that p is below his willingness to pay iw . We therefore consider the concept of consistent competitive equilibrium which allows players to found their demands also on the standing proposal (p; w) rather than just the price p, see for instance Kreps [7]. Given a proposal (p; w) announcing price p and winner w, player i 6= w is willing to buy the object if the price p is less than his willingness to pay iw in case the announced winner w obtains the object, and the standing winner w wants indeed to consume the object if the price p is less his ....

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D. Kreps, A Course in Microeconomic Theory, Harvester Wheatsheaf, New York, 1990. 21

....designer has to make sure that each agent is incented to behave in the desired way. This can be achieved by analyzing the game using the Nash equilibrium solution concept from game theory (or its refinements) no agent is motivated to deviate from its strategy given that the others do not deviate (Kreps 1990). However, the equilibrium for rational agents does not generally remain an equilibrium for computationally Copyright c fl 2000, American Association for Artificial Intelligence (www.aaai.org) All rights reserved. limited agents. 1 This leaves a potentially hazardous gap in game theory as ....

....prescribes optimal actions from that point on, given the other agent s strategy and the agent s beliefs about what has happened so far in the game. We also require that the agent s beliefs are consistent with the strategies. This type of equilibrium is called a perfect Bayesian equilibrium (PBE) (Kreps 1990). An agent s offer accept vector is affected by the solutions that it computes and also what it believes the other agent has computed for solutions. The fallback value of an agent is the value it obtained for the solution to its own problem. An agent will not accept any offer less than its ....

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Kreps, D. M. 1990. A Course in Microeconomic Theory. Princeton University Press.

....buys information from the n vendors that own the values of x 1 ; x n . What is a natural set of market prices arising from this process There are, of course, many possible answers to this question just as there are many models for the behavior of prices in a competitive market [11]. Intuitively, one would believe that each vendor would try to charge a high price for its input, but not so high as to price itself out of competition. If we further believe that the individuals performing the queries will be using only optimal on line algorithms, then the vendor of x i will not ....

D. Kreps, A Course in Micro-Economic Theory, Princeton University Press, 1990.

....we expect self averagingz of normal macroscopic observables, although non self averaging might be envisaged at a more sophisticated level [4, 3] It is also appropriate to contrast our study with those of conventional economics theory. A typical assumption used in neoclassical economic theory [5] especially game theory [6] is that agents are hyper rational. They know the utility functions of other agents, they are fully aware of the process they are embedded in, they make optimum long run plans, and so forth. This is a rather extravagant and implausible model of human behaviour, ....

....aware of the process they are embedded in, they make optimum long run plans, and so forth. This is a rather extravagant and implausible model of human behaviour, especially in situations like a stock market. Moreover in neoclassical economic theory microscopic equilibrium is the reigning paradigm [5]. Individual strategies are assumed to be optimal given expectations, and expectations are assumed to be justified given the evidence. Equilibrium is thus reached in one step dynamics once hyper rationality is assumed. In this paper we consider a different, perhaps more realistic, scenario in ....

See, e.g., D.M. Kreps 1990 A Course in Microeconomics Theory (Harvester Wheatsheaf, New York). Correlation of agents in a simple market: a statistical physics perspective 14

....selection with weights Consider the following simple example. Let s assume three alternatives with u 0 = 0.1, u 1 = 0.3, u 2 = 0.6, and v 0 = 0.51, v 1 = 0.49, v 2 = 0. The first agent thus ranks the alternatives with [3, 2, 1] and the second one [1, 2, 3] The sum of the ranks, which is [4, 4, 4], leads to a random selection. Thus, both agents can only expect to get 1 3 . Assume now the second agent knows the preferences of its opponent and is thus aware of potential conflicts. Lying its ranks to [2, 1, 3] leads to sums [5, 3, 4] and as a result the second alternative is now the one ....

....the second one [1, 2, 3] The sum of the ranks, which is [4, 4, 4] leads to a random selection. Thus, both agents can only expect to get 1 3 . Assume now the second agent knows the preferences of its opponent and is thus aware of potential conflicts. Lying its ranks to [2, 1, 3] leads to sums [5, 3, 4]; and as a result the second alternative is now the one selected. Thus the second agent has been able to improve its gain to 0.49 while depressing its opponent s to 0.3. For agents with strong preferences and conflicting interest profiles (e 1) the net e#ciency of the preference selection goes ....

D. M. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

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D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

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D. M. Kreps, A Course in Microeconomic Theory. Princeton, NJ: Princeton Univ. Press, 1990.

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. D.M Kreps, A Course in Microeconomic Theory. Princeton, N.J.: Princeton University Press, 1990.

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D. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

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D.M. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

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Kreps, D.M., (1990), A course in Microeconomic Theory, Princenton University Press.

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D.M. Kreps, A Course in Microeconomic Theory. Princeton Univ. Press, 1990.

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D. Kreps, A Course in Micro-Economic Theory, Princeton University Press, 1990.

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Kreps, D. 1990. A Course in Microeconomic Theory. Princeton Univ. Press, Princeton, NJ.

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D. M. Kreps, A Course in Microeconomic Theory. Princeton, NJ: Princeton Univ. Press, 1990.

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Kreps, D. M. (1990): A course in microeconomic theory, Harvester Wheatsheaf, New York.

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D. M. Kreps. A Course in Microeconomic Theory. Princeton University Press, 1990.

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Kreps, D. M. (1990). A course in microeconomic theory, Princeton University Press

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Kreps, David M., (1990), "A Course in Microeconomic Theory," Princton University Press, Prince- ton, NJ.

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