Dynamic service pricing for brokers in a multi-agent economy

Prithviraj Dasgupta · R. Das

16 citations0/0 files storedInternational Conference on Multi Agent Systems

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Supply Chain and Inventory Management Consumer Market Behavior and Pricing Auction Theory and Applications

Abstract

Studies the price dynamics in a multi-agent economy consisting of buyers and competing sellers, where each seller has limited information about its competitors' prices. In this economy, buyers use comparison shopping agents (shopbots) while the sellers employ automated pricing agents (pricebots). Derivative following (DF) provides a simple, albeit naive strategy for dynamic pricing in such a scenario. In this work, we refine the DF algorithm and introduce a model optimizer (MO) algorithm that re-estimates the price-profit relationship for a seller at every interval more efficiently. Simulations using the MO pricebots indicate that it outperforms DF even though it has no additional information about the market.

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2009Dynamic Pricing in Electronic Commerce Using Neural Network 2003Dynamic Consumer Profiling and Tiered Pricing Using Software Agents

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