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Abstract: In computational markets utilizing algorithms that establish a market equilibrium (general equilibrium), competitive behavior is usually assumed: each agent makes its demand (supply) decisions so as to maximize its utility (profit) assuming that it has no impact on market prices. However, there is a potential gain from strategic behavior (via speculating about others) because an agent does affect the market prices, which affect the supply/demand decisions of others, which again affect the... (Update)
Context of citations to this paper: More
.... Indeed, it is well established that pursuing aggressively strategic behavior can lead to pitfalls in uncertain environments [Sandholm and Ygge, 1997; Wellman and Hu, 1998] Alternatively, some have used tournaments as a framework for developing and evaluating candidate agent...
...demand. If the market only clears once, there is little room for speculative behavior among the agents, as has been demonstrated recently [34]. However, if the market clears several times or if the bidding length is randomized, there is again room for time based speculation, and...
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BibTeX entry: (Update)
T. Sandholm and F. Ygge. On the gains and losses of speculation in equilibrium markets. In Proceeding of the Fiftenth International Joint Conference on Artifi cial Intelligence, IJCAI 97, August 23-- 29, 1997. (Available from http://www.enersearch.se/ygge). http://citeseer.ist.psu.edu/sandholm97gains.html More
@inproceedings{ sandholm97gains,
author = "Tuomas Sandholm and Fredrik Ygge",
title = "On the Gains and Losses of Speculation in Equilibrium Markets",
booktitle = "{IJCAI} (1)",
pages = "632-639",
year = "1997",
url = "citeseer.ist.psu.edu/sandholm97gains.html" }
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