A fuzzy attitude based bidding strategy in continuous double auctions

Authors:
Madhu Goyal;Jun Ma
Affiliations:
QCIS, Faculty of Engineering and Information Technology, University of Technology Sydney, PO Box 123, Broadway, NSW 2007, Australia, E-mail: mmgoyal@uts.edu.au, junm@it.uts.edu.au;QCIS, Faculty of Engineering and Information Technology, University of Technology Sydney, PO Box 123, Broadway, NSW 2007, Australia, E-mail: mmgoyal@uts.edu.au, junm@it.uts.edu.au
Venue:
Web Intelligence and Agent Systems
Year:
2012

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Abstract

To be successful in Continuous Double Auctions, agents must be capable of adapting to continuously changing bidding prices. This paper presents a novel fuzzy attitude-based bidding strategy FA-Bid, which employs a dual assessment technique i.e. the assessment of multiple attributes of the goods as well as the assessment of the agent's attitude eagerness to procure an item in an automated auction. The assessment of attributes adopts the fuzzy sets technique to handle the uncertainty of the bidding process, as well as using the heuristic rules to determine the attitudes of bidding agents in simulated auctions to procure goods. The overall assessment is used to determine a price range from which the best one is selected as the new bid.