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Who to listen to: Exploiting information quality in a ZIP-agent Market

Who to listen to: Exploiting information quality in a ZIP-agent Market
Who to listen to: Exploiting information quality in a ZIP-agent Market
Market theory is often concerned only with centralised markets. In this paper, we consider a market that is distributed over a network, allowing us to characterise spatially (or temporally) segregated markets. The effect of this modification on the behaviour of a market populated by simple trading agents was examined. It was demonstrated that an agent’s ability to identify the optimum market price is positively correlated with its network connectivity. A better connected agent receives more information and, as a result, is better able to judge the market state. The ZIP trading agent algorithm is modified in light of this result. Simulations reveal that trading agents which take account of the quality of the information that they receive are better able to identify the optimum price within a market.
200-211
Springer Berlin
Ladley, Dan
eadd9d0e-cba3-48d3-9e4d-61fe9a5ab1bd
Bullock, Seth
2ad576e4-56b8-4f31-84e0-51bd0b7a1cd3
La Poutré, Han
Sadeh, Noorman M.
Janson, Sverker
Ladley, Dan
eadd9d0e-cba3-48d3-9e4d-61fe9a5ab1bd
Bullock, Seth
2ad576e4-56b8-4f31-84e0-51bd0b7a1cd3
La Poutré, Han
Sadeh, Noorman M.
Janson, Sverker

Ladley, Dan and Bullock, Seth (2005) Who to listen to: Exploiting information quality in a ZIP-agent Market. La Poutré, Han, Sadeh, Noorman M. and Janson, Sverker (eds.) In Agent-Mediated Electronic Commerce: Designing Trading Agents and Mechanisms. Springer Berlin. pp. 200-211 .

Record type: Conference or Workshop Item (Paper)

Abstract

Market theory is often concerned only with centralised markets. In this paper, we consider a market that is distributed over a network, allowing us to characterise spatially (or temporally) segregated markets. The effect of this modification on the behaviour of a market populated by simple trading agents was examined. It was demonstrated that an agent’s ability to identify the optimum market price is positively correlated with its network connectivity. A better connected agent receives more information and, as a result, is better able to judge the market state. The ZIP trading agent algorithm is modified in light of this result. Simulations reveal that trading agents which take account of the quality of the information that they receive are better able to identify the optimum price within a market.

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More information

Published date: 2005
Additional Information: Event Dates: July 30 - August 5, 2005
Venue - Dates: Agent-Mediated Electronic Commerce: Designing Trading Agents and Mechnisms, Edinburgh, United Kingdom, 2005-07-29 - 2005-08-04
Organisations: Agents, Interactions & Complexity

Identifiers

Local EPrints ID: 263456
URI: http://eprints.soton.ac.uk/id/eprint/263456
PURE UUID: e7cd912a-b340-488c-9a97-d5904b6cc814

Catalogue record

Date deposited: 15 Feb 2007
Last modified: 25 Mar 2020 17:45

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Contributors

Author: Dan Ladley
Author: Seth Bullock
Editor: Han La Poutré
Editor: Noorman M. Sadeh
Editor: Sverker Janson

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