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| Author: | Tesauro, G. Kephart, J. |
| Title: | Foresight-based pricing algorithms in agent economies |
| Journal: | Decision Support Systems
2000 : MAR, VOL. 28:1,2, p. 49-60 |
| Index terms: | DECISION SUPPORT SYSTEMS PRICING ALGORITHMS |
| Language: | eng |
| Abstract: | The authors of this article propose several heuristic approaches to the development of pricing algorithms for software agents that incorporate foresight, i.e., an ability to model and predict responses by competitors. In the absence of foresight, prior work has shown that, in an economy of myopic software agents, undesirable system behaviors such as endless price wars can frequently occur. The authors show how the introduction of even the smallest amount of lookahead in the agents' pricing algorithms can significantly reduce or eliminate the occurrence of price wars. |
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