AAAI Publications, Workshops at the Twenty-Seventh AAAI Conference on Artificial Intelligence

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Empirical Analysis of Auctioneer Profitability in QuiBids Penny Auctions
Amy Greenwald, Eric Sodomka, Eric Stix, Jeffrey Stix, David Storch

Last modified: 2013-06-29

Abstract


Current autonomous bidding strategies for complex auctions typically employ a two phased architecture: first, the agent predicts a distribution over good prices, and then the agent generates bids given those predictions, usually using a heuristic.  For computational reasons, previous state-of-the-art methods assumed prices were independent across goods, and then bid based on marginal price distributions. However, prices for goods are typically dependent, especially for complements and substitutes.  We develop computationally feasible methods for predicting joint price distributions, and employing such predictions in bidding strategies. We also demonstrate experimentally that the state-of-the-art heuristic for bidding in simultaneous second-price sealed-bid auctions is outdone by the analog of this same heuristic bidding with respect to joint instead of marginal price predictions.

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