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A market-based approach to recommender systems

A market-based approach to recommender systems
A market-based approach to recommender systems
Recommender systems have been widely advocated as a way of coping with the problem of information overload for knowledge workers. Given this, multiple recommendation methods have been developed. However, it has been shown that no one technique is best for all users in all situations. Thus we believe that effective recommender systems should incorporate a wide variety of such techniques and that some form of overarching framework should be put in place to coordinate the various recommendations so that only the best of them (from whatever source) are presented to the user. To this end, we show that a marketplace, in which the various recommendation methods compete to over their recommendations to the user, can be used in this role. Specifically, this paper presents the principled design of such a marketplace (including the auction protocol, the reward mechanism and the bidding strategies of the individual recommendation agents) and evaluates the market's capability to effectively coordinate multiple methods. Through analysis and simulation, we show that our market is capable of shortlisting recommendations in decreasing order of user perceived quality and of correlating the individual agent's internal quality rating to the user's perceived quality.
Algorithms, Design, Economics, Recommender Systems, Auctions, Marketplace
227-266
Wei, Y.Z.
6bb88665-8be6-4c8e-b87f-dcbc4a399035
Moreau, L.
033c63dd-3fe9-4040-849f-dfccbe0406f8
Jennings, N. R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30
Wei, Y.Z.
6bb88665-8be6-4c8e-b87f-dcbc4a399035
Moreau, L.
033c63dd-3fe9-4040-849f-dfccbe0406f8
Jennings, N. R.
ab3d94cc-247c-4545-9d1e-65873d6cdb30

Wei, Y.Z., Moreau, L. and Jennings, N. R. (2005) A market-based approach to recommender systems. ACM Transactions on Information Systems, 23 (3), 227-266. (doi:10.1145/1080343.1080344).

Record type: Article

Abstract

Recommender systems have been widely advocated as a way of coping with the problem of information overload for knowledge workers. Given this, multiple recommendation methods have been developed. However, it has been shown that no one technique is best for all users in all situations. Thus we believe that effective recommender systems should incorporate a wide variety of such techniques and that some form of overarching framework should be put in place to coordinate the various recommendations so that only the best of them (from whatever source) are presented to the user. To this end, we show that a marketplace, in which the various recommendation methods compete to over their recommendations to the user, can be used in this role. Specifically, this paper presents the principled design of such a marketplace (including the auction protocol, the reward mechanism and the bidding strategies of the individual recommendation agents) and evaluates the market's capability to effectively coordinate multiple methods. Through analysis and simulation, we show that our market is capable of shortlisting recommendations in decreasing order of user perceived quality and of correlating the individual agent's internal quality rating to the user's perceived quality.

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Published date: 2005
Keywords: Algorithms, Design, Economics, Recommender Systems, Auctions, Marketplace
Organisations: Web & Internet Science, Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 260824
URI: https://eprints.soton.ac.uk/id/eprint/260824
PURE UUID: 3f5bb15a-ce66-42c1-99bc-14502f98b008
ORCID for L. Moreau: ORCID iD orcid.org/0000-0002-3494-120X

Catalogue record

Date deposited: 29 Apr 2005
Last modified: 17 Jul 2019 22:25

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Contributors

Author: Y.Z. Wei
Author: L. Moreau ORCID iD
Author: N. R. Jennings

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