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Authors: Jun Kiniwa and Kensaku Kikuta

Affiliation: University of Hyogo, Japan

ISBN: 978-989-8425-41-6

ISSN: 2184-433X

Keyword(s): Multiagent model, Price determination, Auction theory, Consensus problem.

Related Ontology Subjects/Areas/Topics: Agents ; Artificial Intelligence ; Artificial Intelligence and Decision Support Systems ; Distributed and Mobile Software Systems ; Economic Agent Models ; Enterprise Information Systems ; Knowledge Engineering and Ontology Development ; Knowledge-Based Systems ; Multi-Agent Systems ; Negotiation and Interaction Protocols ; Software Engineering ; Symbolic Systems

Abstract: We consider a simple network model for economic agents where each can buy commodities in the neighborhood. Their prices may be initially distinct in any node. However, by assuming some rules on new prices, we show that the distinct prices will be converged to unique by iterating buy and sell operations. If we consider the price determination process as a kind of consensus problem, we can apply the stabilization proof to it. So we first present a naive protocol in which each agent always offers half of the difference between his own price and the lowest price in the neighborhood, called max price difference. Then, we consider game theoretic price determination in two ways, that is, by using different payoff functions. Finally, we propose a protocol in which each agent makes a bid uniformly distributed over the max price difference.

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Paper citation in several formats:
Kiniwa, J. and Kikuta, K. (2011). A NETWORK MODEL FOR PRICE STABILIZATION.In Proceedings of the 3rd International Conference on Agents and Artificial Intelligence - Volume 1: ICAART, ISBN 978-989-8425-41-6, ISSN 2184-433X, pages 394-397. DOI: 10.5220/0003153803940397

@conference{icaart11,
author={Jun Kiniwa. and Kensaku Kikuta.},
title={A NETWORK MODEL FOR PRICE STABILIZATION},
booktitle={Proceedings of the 3rd International Conference on Agents and Artificial Intelligence - Volume 1: ICAART,},
year={2011},
pages={394-397},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0003153803940397},
isbn={978-989-8425-41-6},
}

TY - CONF

JO - Proceedings of the 3rd International Conference on Agents and Artificial Intelligence - Volume 1: ICAART,
TI - A NETWORK MODEL FOR PRICE STABILIZATION
SN - 978-989-8425-41-6
AU - Kiniwa, J.
AU - Kikuta, K.
PY - 2011
SP - 394
EP - 397
DO - 10.5220/0003153803940397

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