Markets without Makers - A Framework for Decentralized Economic Coordination in Multiagent Systems

  • Authors:
  • Torsten Eymann

  • Affiliations:
  • -

  • Venue:
  • WELCOM '01 Proceedings of the Second International Workshop on Electronic Commerce
  • Year:
  • 2001

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Abstract

Most electronic marketplaces are derived from a client/server model, with a central coordinator institution in the middle and a closed group of market participants submitting bids and asks to that institution. In contrast, technical views on electronic commerce often envision ad-hoc cooperation between market participants in open and decentralized IT environments, where software agents negotiate for their human principals. Such environments will naturally form unregulated market-coordinated multi-agent systems with selfish agents negotiating for utility maximization, and they need concepts for decentralized economic coordination - a mechanism for distributed resource allocation that works without a market maker, with maximum privacy, security and coherent coordination as result. This article describes a framework used for the realization of a multiagent system which coordinates a supply chain using a decentralized economic approach.