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# Approximating Mixed Nash Equilibria using Smooth Fictitious Play in Simultaneous Auctions

Gerding, Enrico, Rabinovich, Zinovi, Byde, Andrew, Elkind, Edith and Jennings, N. R. (2008) Approximating Mixed Nash Equilibria using Smooth Fictitious Play in Simultaneous Auctions. The 7th International Conference on Autonomous Agents and Multiagent Systems, Estoril, Portugal. 11 - 15 May 2008. pp. 1577-1580 .

Record type: Conference or Workshop Item (Poster)

## Abstract

We investigate equilibrium strategies for bidding agents that participate in multiple, simultaneous second-price auctions with perfect substitutes. For this setting, previous research has shown that it is a best response for a bidder to participate in as many such auctions as there are available, provided that other bidders only participate in a single auction. In contrast, in this paper we consider equilibrium behaviour where all bidders participate in multiple auctions. For this new setting we consider mixed-strategy Nash equilibria where bidders can bid high in one auction and low in all others. By discretising the bid space, we are able to use smooth fictitious play to compute approximate solutions. Specifically, we find that the results do indeed converge to $\epsilon$-Nash mixed equilibria and, therefore, we are able to locate equilibrium strategies in such complex games where no known solutions previously existed.

Text
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Published date: May 2008
Additional Information: Event Dates: May 12-16
Venue - Dates: The 7th International Conference on Autonomous Agents and Multiagent Systems, Estoril, Portugal, 2008-05-11 - 2008-05-15
Organisations: Agents, Interactions & Complexity

## Identifiers

Local EPrints ID: 265133
URI: http://eprints.soton.ac.uk/id/eprint/265133
PURE UUID: 4feb3f50-be00-4837-b6c8-3de9c9e23449
ORCID for Enrico Gerding: orcid.org/0000-0001-7200-552X

## Catalogue record

Date deposited: 04 Feb 2008 10:27

## Contributors

Author: Enrico Gerding
Author: Zinovi Rabinovich
Author: Andrew Byde
Author: Edith Elkind
Author: N. R. Jennings