ABSTRACT Outperforming the Competition in Multi-Unit Sealed Bid Auctions.pdfVIP

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ABSTRACT Outperforming the Competition in Multi-Unit Sealed Bid Auctions.pdf

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ABSTRACT Outperforming the Competition in Multi-Unit Sealed Bid Auctions

Outperforming the Competition in Multi-Unit Sealed Bid Auctions Ioannis A. Vetsikas School of Electronics and Computer Science University of Southampton Southampton SO17 1BJ, UK iv@ecs.soton.ac.uk Nicholas R. Jennings School of Electronics and Computer Science University of Southampton Southampton SO17 1BJ, UK nrj@ecs.soton.ac.uk ABSTRACT In this paper, we examine the behavior of bidding agents that are in direct competition with the other participants in an auction setting. Thus the agents are not simply trying to maximize their own utility, rather they wish to maximize a weighted difference of their own gain to that of their com- petitors. By so doing, this work significantly extends the existing state-of-the-art results on single unit auctions, by generalizing to the multi-unit case. Specifically, our main result is the derivation of symmetric Bayes-Nash equilibria for these agents in both mth and (m+ 1)th price sealed bid auctions. Subsequently, we use these equilibria to examine the profits of different agents and show that aiming to beat the competition is more effective than pure self interest in any competitive setting. Finally, we examine how the auc- tioneer’s revenue is affected and find that the weight that agents place in minimizing the opponents’ profit determines whether the mth or the (m + 1)th price auction yields a higher revenue. Categories and Subject Descriptors I.2.11 [ARTIFICIAL INTELLIGENCE]: Multiagent sys- tems; I.2.11 [ARTIFICIAL INTELLIGENCE]: Intelli- gent Agents General Terms Theory, Economics, Experimentation Keywords game theory, bidding strategies, equilibrium analysis, rev- enue, simulation 1. INTRODUCTION Game theory is widely used in multi-agent systems, as a way to model and predict the interactions between rational agents. Auctions have also become quite popular, especially Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made