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Dynamic Pricing with Limited Competitor Information in a MultiAgent Economy.pdf

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Dynamic Pricing with Limited Competitor Information in a MultiAgent Economy

Dynamic Pricing with Limited Competitor Information in a Multi-Agent Economy Prithviraj Dasgupta1 and Rajarshi Das2 1 Dept. of Electrical and Computer Engineering, University of California Santa Barbara, CA 93106, USA, pdg@, 2 Institute for Advanced Commerce, IBM Research, Hawthorne, NY 10532, USA, rajarshi@ Abstract. We study the price dynamics in a multi-agent economy consisting of buyers and competing sellers, where each seller has limited information about its competitors’ prices. In this economy, buyers use shopbots while the sellers employ automated pricing agents or pricebots . A pricebot resets its seller’s price at regular intervals with the objective of maximizing revenue in each time pe- riod. Derivative following provides a simple, albeit naive, strategy for dynamic pricing in such a scenario. In this paper, we refine the derivative following al- gorithm and introduce a model-optimizer algorithm that re-estimates the price- profit relationship for a seller in each period more efficient ly. Simulations using the model-optimizer algorithm indicate that it outperforms derivative following even though it does not have any additional information about the market. Our results underscore the role machine learning and optimization can play in foster- ing competition (or cooperation) in a multi-agent economy where the agents have limited information about their environment. Keywords: Electronic commerce, dynamic pricing, multi-agent systems, shopbots and price- bots. 1 Introduction With the rapid growth of agent-mediated electronic commerce, it is becoming increas- ingly evident that in

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