Bidders with hard valuation problems

Authors:
Kate Larson;Tuomas Sandholm
Affiliations:
Carnegie Mellon University, Pittsburgh, PA;Carnegie Mellon University, Pittsburgh, PA
Venue:
Proceedings of the first international joint conference on Autonomous agents and multiagent systems: part 1
Year:
2002

Citing 4
Cited 0

Principles of metareasoning

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Deliberation scheduling for problem solving in time-constrained environments

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Bargaining with limited computation: deliberation equilibrium

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Costly valuation computation in auctions

TARK '01 Proceedings of the 8th conference on Theoretical aspects of rationality and knowledge

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Abstract

Auctions provide efficient and distributed ways of allocating goods and tasks among agents. In this paper we study optimal strategies for computationally limited agents, where agents must use their limited computing resources to determine valuations for (bundles of) the items being auctioned. Agents are free to compute on any valuation problems including their opponents'. The deliberation actions are incorporated into the agents' strategies and different auction settings (both single--item and combinatorial) are analyzed in order to determine equilibrium strategies. We show that in some auction mechanisms, but not others, in equilibrium the bidders compute on others' problems as well. We show that the model of bounded rationality (limited or costly computing) impacts the agents' equilibrium strategies and so must be considered when designing mechanisms for computationally limited agents.