D. Cli and J. Bruten. Minimal-intelligence agents for bargaining behaviours in market-based environments. Technical Report HP-97-91, Hewlett-Packard Research Laboratories, Bristol, England, 1997.  Home/Search   Document Not in Database   Summary   Related Articles   Check

.... with human subjects in laboratory simulations of CDAs have found reliable and rapid convergence of prices to values extremely close to the theoretical competitive equilibrium values [10, 11] There have also been several studies of CDAs with various types of computerized bidding agents [1, 2, 3, 5, 6, 8, 9]. A major comparative study of several di erent agent trading strategies was performed in the Santa Fe Double Auction Tournament (SFDAT) Rust et al. 8] Over 30 di erent programs were submitted, encompassing a wide range of approaches. The surprising outcome of the tournament was that an ....

....(ZI) agents, which submit random positive surplus bids ignoring market activity, were able to achieve convergence to equilibrium; this suggested that in human markets, convergence was due to market mechanisms rather than human intelligence. However, it was subsequently shown by Cli [3] that the results of [6] were due to artifacts of the simulation and that in general, ZI traders do not achieve convergence. Cli proposed an augmented version of ZI, called Zero Intelligence Plus (ZIP) that was able to achieve robust convergence. The goal of this paper is to develop ....

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D. Cli. Minimal-intelligence agents for bargaining behaviors in market-based environments. Technical Report HPL-97-91, Hewlett Packard Labs., 1997.

....in three parts by degree of compatibility of each known or future technology to our evolutionary approach. The first subspace includes technologies that are based on one or another evolutionary methodology, such as Genetic Algorithms or Celluar Automata. Examples of such technologies include ZIP [6], our pilot discrete event Citysim model or, perhaps, its possible asynchronous implementation. 15 The second collection of technologies can be restructured to be compatible with the evolutionary paradigm. MAGNET [9] as it was demonstrated in the previous section, is one perspective member of ....

....uses a market simulator and simple strategies. The results are evaluated in terms of overall profit, but there are so many variables in the simulation that it is hard to assess the generality of the results obtained. Continuous double auctions have been the subject of multiple studies. Cli# s [6] Zero Intelligence Plus trader agents have minimal intelligence, yet they have been successfully used in continuous double auctions, where they performed very well even when compared to human traders [10] The use of evolutionary methods for continuous double auctions is proposed in [19] who ....

D. Cli# and J. Bruten. Minimalintelligence agents for bargaining behaviors in marketbased environments. Technical Report HPL-97-91, Hewlett Packard Labs, 1997.

....market based control. Following this, an illustrative sketch of how an mbc system might operate in a udc is presented, making clear the need for trading agents to act as interfaces to the udc and also to act as arbitrageurs within the udc. It concludes with an overview of the zip traders of Cli [3], recently demonstrated by IBM researchers to outperform human traders [4] Chapter 3 A Re implementation of Previous ZIP Trader Research: presents a detailed description of zip traders, and presents selected results from re implementing the basic zip trader markets used in 1996 97 [3] ....

.... of Cli [3] recently demonstrated by IBM researchers to outperform human traders [4] Chapter 3 A Re implementation of Previous ZIP Trader Research: presents a detailed description of zip traders, and presents selected results from re implementing the basic zip trader markets used in 1996 97 [3]. Following this, replication of more recent results where a ga is used to nd appropriate settings of key zip market initialisation parameters are also presented. The results presented in this chapter demonstrate that relevant prior work has been replicated successfully. Chapter 4 MBC of a ....

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Cli, D., Minimal-Intelligence Agents for Bargaining Behaviors in Market-Based Environments, Tech. Rep. HP-1997-91, Hewlett Packard Laboratories, Bristol, UK, 1997.

....designs are robust in the face of a diverse range of strategies. Finally we should discuss the relation of our work with that of Cli [4] which is the only other work that we are aware of in which the auction mechanism itself evolves. Cli s work in this area builds on his Zero Intelligence Plus [3] traders, and rst used genetic algorithms to determine the parameters that control the bidding behaviour of the agents [5] This work is analagous to our use of genetic programming to decide how buyers and sellers bid. The next stage of the work, which was undertaken concurrently with, but ....

D. Cli. Minimal-intelligence agents for bargaining behaviours in market environments. Technical Report HPL-97-91, HP Labs, 1997.

....period. The CDA is the dominant institution for real world trading of equities, derivatives, etc. Experiments with human subjects in simulated CDAs find reliable price convergence close to theoretical equilibria [9, 10] Several studies examined CDAs with various computerized bidding agents [1, 2, 4, 5, 8], including a major comparative study in the Santa Fe Double Auction Tournament (SFDAT) 7] The principal conclusion was that Todd Kaplan s simple sniping strategy, which waits for the bid ask Permission to make digital or hard copies of all or part of this work for personal or classroom use ....

....can be run, but qualitatively they can provide a proofof concept of the real time bidding agent design. Our agents are based on two di#erent mechanisms for adapting bid prices to market activity. First, we have implemented a modified version of Cli# s Zero Intelligence Plus (ZIP) algorithm [2], which essentially tracks the trade price as trades occur and tends to outbid undercut the competition when trades are not occurring. Second, we have implemented a modified version of the Gjerstad Dickhaut (GD) algorithm [4] This is a more sophisticated algorithm that uses recent market activity ....

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D. Cli#. Minimal-intelligence agents for bargaining behaviors in market-based environments. Technical Report HPL-97-91, Hewlett Packard Labs., 1997.

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D. Cli and J. Bruten. Minimal-intelligence agents for bargaining behaviours in market-based environments. Technical Report HP-97-91, Hewlett-Packard Research Laboratories, Bristol, England, 1997.

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D. Cli#. Minimal-intelligence agents for bargaining behaviors in market-based environments. Technical Report HP--97--91, Hewlett Packard Laboratories, Bristol, England, 1997.

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D. Cli and J. Bruten. Minimal-intelligence agents for bargaining behaviours in market-based environments. Technical Report HP-97-91, Hewlett-Packard Research Laboratories, Bristol, England, 1997.

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