Publication

Online Auctions for Dynamic Assignment: Theory and Empirical Evaluation

Boi Faltings, Sujit Prakash Gujar
2016
Conference Papers

Abstract

Dynamic resource assignment is a common problem in multi-agent systems. We consider scenarios in which dynamic agents have preferences about assignments and the resources that can be assigned using online auctions. We study the trade-off between the following online auction properties: (i) truthfulness, (ii) expressiveness, (iii) efficiency, and (iv) average case performance. We theoretically and empirically compare four different online auctions: (i) Arrival Priority Serial Dictatorship, (ii) Split Dynamic VCG, (iii) e-Action, and (iv) Online Ranked Competition Auction. The latter is a novel design based on the competitive secretary problem. We show that, in addition to truthfulness and algorithmic efficiency, the degree of competition also plays an important role in selecting the best algorithm for a given context.

Official source

https://infoscience.epfl.ch/entities/publication/ede25fb5-150a-4599-81fd-b3f197814444

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Boi Faltings, Sujit Prakash Gujar
2016
Conference Papers

Abstract

Official source

https://infoscience.epfl.ch/entities/publication/ede25fb5-150a-4599-81fd-b3f197814444

About this result

Related concepts (19)

Auction

An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history.

Multi-agent system

A multi-agent system (MAS or "self-organized system") is a computerized system composed of multiple interacting intelligent agents. Multi-agent systems can solve problems that are difficult or impossible for an individual agent or a monolithic system to solve. Intelligence may include methodic, functional, procedural approaches, algorithmic search or reinforcement learning. Despite considerable overlap, a multi-agent system is not always the same as an agent-based model (ABM).

Online auction

An online auction (also electronic auction, e-auction, virtual auction, or eAuction) is an auction held over the internet and accessed by internet connected devices. Similar to in-person auctions, online auctions come in a variety of types, with different bidding and selling rules. eCommerce sales for businesses have been steadily increasing for years, and with the migration of virtually all transactions to digital due to the COVID-19 pandemic, worldwide sales through ecommerce channels such as websites and online marketplaces increased overall in 2020 and beyond.

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