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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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