Market efficiency, sales competition, and the bullwhip effect in the TAC SCM tournaments

Authors:
Patrick R. Jordan;Christopher Kiekintveld;Jason Miller;Michael P. Wellman
Affiliations:
University of Michigan, Computer Science & Engineering, Ann Arbor, MI;University of Michigan, Computer Science & Engineering, Ann Arbor, MI;University of Michigan, Computer Science & Engineering, Ann Arbor, MI;University of Michigan, Computer Science & Engineering, Ann Arbor, MI
Venue:
TADA/AMEC'06 Proceedings of the 2006 AAMAS workshop and TADA/AMEC 2006 conference on Agent-mediated electronic commerce: automated negotiation and strategy design for electronic markets
Year:
2006

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Abstract

The TAC SCM tournament is moving into its fourth year. In an effort to track agent progress, we present a benchmark market efficiency comparison for the tournament, in addition to prior measures of agent competency through customer bidding. Using these benchmarks we find statistically significant increases in intratournament market efficiency, whereas agents are generally decreasing in manufacturer market power. We find that agent market share and bid efficiency have increased while the variance of average sales prices has been significantly reduced. Additionally, we test for a statistical relationship between agent profits and the bullwhip effect.