Understanding how people design trading agents over time

Efrat Manisterski, Raz Lin, Sarit Kraus

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

18 Scopus citations

Abstract

As computerized agents are becoming more and more common, e-commerce becomes a major candidate for incorporation of automated agents. Thus, it is vital to understand how people design agents for online markets and how their design changes over time. This, in turn, will enable better design of agents for these environments. We focus on the design of trading agents for bilateral negotiations with unenforceable agreements. In order to simulate this environment we conducted an experiment with human subjects who were asked to design agents for a resource allocation game. The subjects' agents participated in several tournaments against each other and were given the opportunity to improve their agents based on their performance in previous tournaments. Our results show that, indeed, most subjects modified their agents' strategic behavior with the prospect of improving the performance of their agents, yet their average score significantly decreased throughout the tournaments and became closer to the equilibrium agents' score. In particular, the subjects modified their agents to break more agreements throughout the tournaments. In addition, the subjects increased their means of protection against deceiving agents.

Original languageEnglish
Title of host publication7th International Joint Conference on Autonomous Agents and Multiagent Systems, AAMAS 2008
PublisherInternational Foundation for Autonomous Agents and Multiagent Systems (IFAAMAS)
Pages1553-1556
Number of pages4
ISBN (Print)9781605604701
StatePublished - 2008
Event7th International Joint Conference on Autonomous Agents and Multiagent Systems, AAMAS 2008 - Estoril, Portugal
Duration: 12 May 200816 May 2008

Publication series

NameProceedings of the International Joint Conference on Autonomous Agents and Multiagent Systems, AAMAS
Volume3
ISSN (Print)1548-8403
ISSN (Electronic)1558-2914

Conference

Conference7th International Joint Conference on Autonomous Agents and Multiagent Systems, AAMAS 2008
Country/TerritoryPortugal
CityEstoril
Period12/05/0816/05/08

Keywords

  • Equilibrium
  • Negotiation
  • Trading agents

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