Buying and selling with insurance in open multi-agent marketplace

Authors:
Yuk-Hei Lam;Zili Zhang;Kok-Leong Ong
Affiliations:
School of Engineering and Information Technology, Deakin University, Victoria, Australia;School of Engineering and Information Technology, Deakin University, Victoria, Australia and Faculty of Computer and Information Science, Southwest University, Chongqing, China;School of Engineering and Information Technology, Deakin University, Victoria, Australia
Venue:
PRICAI'06 Proceedings of the 9th Pacific Rim international conference on Artificial intelligence
Year:
2006

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Abstract

In this paper, we incorporate the insurance concept in buying and selling model for agents to trade in the open multi-agent marketplace. During buying, agents purchase insurance as a method to search for potential sellers and select their partners based on the information provided by insurance agents. During selling, agents purchase insurance as a method to protect themselves against potential risk. The insurance concept greatly simplifies the trading procedure in the open marketplace. The novelty of this proposal is that it ensures a dynamic trading environment while agents continue to seek maximum utility and being fully protected by insurance. Our experimental results confirm the feasibility of our approach.