Cooperation in multi-agent bidding
Decision Support Systems - Special issue: Formal modeling and electronic commerce
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We study electronic bidding and contracting for non-storable goods such as electric power using multi-GA agents and game theoretical approaches. In this framework, there is a long-term contract market as well as a backstop spot market. Seller agents bid into an electronic bulletin board their contract offers in terms of price or capacity, while Buyer agents decide how much to contract with Seller agents and how much to shop from the spot market. The problem is modeled as a von-Stackelberg game with Sellers as leaders. We investigate if artificial agents will be able to discover equilibrium strategies if such an equilibrium exists; and if the agents can discover good and effective strategies when playing repeated non-linear games where there does not exist any equilibrium. This study is a companion of our earlier theoretical characterizations on optimal bidding and contracting strategies for non-storable goods, now adopting an agent-based approach.