A fuzzy attitude based bidding strategy in continuous double auctions

Article type: Research Article

Authors: Goyal, Madhu | Ma, Jun

Affiliations: QCIS, Faculty of Engineering and Information Technology, University of Technology Sydney, PO Box 123, Broadway, NSW 2007, Australia, E-mail: [email protected], [email protected]

Note: [] Corresponding author.

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.

Keywords: Software agents, fuzzy sets, automated auctions, attitudes, bidding strategy

DOI: 10.3233/WIA-2012-0231

Journal: Web Intelligence and Agent Systems: An International Journal, vol. 10, no. 1, pp. 65-74, 2012