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The value of information in automated negotiation: a decision model for eliciting user preferences

The value of information in automated negotiation: a decision model for eliciting user preferences
The value of information in automated negotiation: a decision model for eliciting user preferences
Consider an agent that can autonomously negotiate and coordinate with others in our stead, to reach outcomes and agreements in our interest. Such automated negotiation agents are already common practice in areas such as high frequency trading, and are now finding applications in domains closer to home, which involve not only mere financial optimizations but balanced tradeoffs between multiple issues, such as cost and convenience. As a simple example, a smart thermostat controlling a heat pump could provide demand response to the electricity grid if the inconvenience is offset by the grid relieve incentives. In such situations, the agent represents a user with individual and a priori unknown preferences, which are costly to elicit due to the user bother this incurs. Therefore, the agent needs to strike a balance between increasing the user model accuracy and the inconvenience caused by interacting with the user. To do so, we require a tractable metric for the value of information in an ensuing negotiation, which until now has not been available. In this paper, we propose a decision model that finds the point of diminishing returns for improving the model of user preferences with costly queries. We present a reasoning framework to derive this metric, and show a myopically optimal and tractable stopping criterion for querying the user before a fixed number of negotiation rounds. Our method provides an extensible basis for interactive negotiation agents to evaluate which questions are worth posing given the marginal utility expected to arise from more accurate beliefs.
Negotiation, Negotiation agent, Automated negotiation, Value of information, Preference elicitation
Baarslag, Tim
a7c541d8-8141-467b-a08c-7a81cd69920e
Kaisers, Michael
9f38b7e8-f854-4b38-8bd2-363bcfe1addb
Baarslag, Tim
a7c541d8-8141-467b-a08c-7a81cd69920e
Kaisers, Michael
9f38b7e8-f854-4b38-8bd2-363bcfe1addb

Baarslag, Tim and Kaisers, Michael (2017) The value of information in automated negotiation: a decision model for eliciting user preferences. International Conference on Autonomous Agents and Multiagent Systems, Sao Paulo, Brazil. 08 - 12 May 2017. 8 pp . (In Press)

Record type: Conference or Workshop Item (Paper)

Abstract

Consider an agent that can autonomously negotiate and coordinate with others in our stead, to reach outcomes and agreements in our interest. Such automated negotiation agents are already common practice in areas such as high frequency trading, and are now finding applications in domains closer to home, which involve not only mere financial optimizations but balanced tradeoffs between multiple issues, such as cost and convenience. As a simple example, a smart thermostat controlling a heat pump could provide demand response to the electricity grid if the inconvenience is offset by the grid relieve incentives. In such situations, the agent represents a user with individual and a priori unknown preferences, which are costly to elicit due to the user bother this incurs. Therefore, the agent needs to strike a balance between increasing the user model accuracy and the inconvenience caused by interacting with the user. To do so, we require a tractable metric for the value of information in an ensuing negotiation, which until now has not been available. In this paper, we propose a decision model that finds the point of diminishing returns for improving the model of user preferences with costly queries. We present a reasoning framework to derive this metric, and show a myopically optimal and tractable stopping criterion for querying the user before a fixed number of negotiation rounds. Our method provides an extensible basis for interactive negotiation agents to evaluate which questions are worth posing given the marginal utility expected to arise from more accurate beliefs.

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The_Value_of_Information_in_Automated_Negotiation_A_Decision_Model_for_Eliciting_User_Preferences - Accepted Manuscript
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More information

Accepted/In Press date: 24 January 2017
Venue - Dates: International Conference on Autonomous Agents and Multiagent Systems, Sao Paulo, Brazil, 2017-05-08 - 2017-05-12
Keywords: Negotiation, Negotiation agent, Automated negotiation, Value of information, Preference elicitation
Organisations: Electronics & Computer Science

Identifiers

Local EPrints ID: 407693
URI: https://eprints.soton.ac.uk/id/eprint/407693
PURE UUID: ce6e45db-4765-4110-b76e-5e1ccad3082d
ORCID for Tim Baarslag: ORCID iD orcid.org/0000-0002-1662-3910

Catalogue record

Date deposited: 22 Apr 2017 01:08
Last modified: 14 Mar 2019 01:33

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Contributors

Author: Tim Baarslag ORCID iD
Author: Michael Kaisers

University divisions

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