FOUNDATIONS OF MARKET-DRIVEN AGENTS: AN ADAPTATION OF ZEUTHEN'S BARGAINING MODEL

摘要

Market-driven agents are negotiation agents that react to changing market situations by making adjustable rates of concession. In determining the amount of concession for each trading cycle, market-driven agents are guided by four mathematical functions of eagerness, remaining trading time, trading opportunity and competition. At different stages of trading, agents may adopt different trading strategies and make different rates of concession. Four classes of strategies with respect to remaining trading time are discussed. Trading opportunity is determined by considering: (ⅰ) number of trading partners, (ⅱ) spreads - differences in utilities between an agent and its trading partners, and (ⅲ) probability of completing a deal. While eagerness represents an agent's desire to trade, trading competition is determined by the probability that it is not considered as the most preferred trader by its trading partners.