Discovering the game in auctions

M. Kaisers, K.P. Tuyls, F. Thuijsman, S. Parsons

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    Abstract

    Auctions are pervasive in today’s society. They provide a variety of markets, ranging from consumer-toconsumer online auctions to government-to-business auctions for telecommunications spectrum licenses. Starting from a set of trading strategies, this article enables a strategic choice by introducing the use of linear programming as a methodology to approximate heuristic payoff tables by normal form games. This method is evaluated on data from auction simulation by applying an evolutionary game theory analysis. The information loss in the normal form approximation is shown to be reasonably small such that the concise normal form representation can be leveraged in order to make strategic decisions in auctions. In particular, a mix of trading strategies that guarantees a certain profit against any population of traders is computed and further applications are indicated.
    Original languageEnglish
    Title of host publicationProceedings of the 20th Belgian-Netherlands Conference on Artificial Intelligence (BNAIC 2008)
    EditorsA. Nijholt, M. Pantic
    Place of PublicationEnschede
    PublisherUniversiteit Twente
    Pages113-120
    Publication statusPublished - 2008
    Event20th Belgian-Dutch conference on artificial intelligence (BNAIC 2008) - Enschede, Netherlands
    Duration: 30 Oct 200831 Oct 2008
    Conference number: 20

    Conference

    Conference20th Belgian-Dutch conference on artificial intelligence (BNAIC 2008)
    Abbreviated titleBNAIC 2008
    Country/TerritoryNetherlands
    CityEnschede
    Period30/10/0831/10/08
    OtherBNAIC 2008 : 20th Belgian-Dutch conference on artificial intelligence ; Enschede, The Netherlands, October 30-31, 2008

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