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Author Wellman, Michael P
Title Trading agents [electronic resource] / Michael P. Wellman
Imprint San Rafael, Calif. (1537 Fourth Street, San Rafael, CA 94901 USA) : Morgan & Claypool, c2011
book jacket
Descript 1 electronic text (xiii, 93 p.) : ill., digital file
Series Synthesis lectures on artificial intelligence and machine learning, 1939-4616 ; # 12
Synthesis digital library of engineering and computer science
Synthesis lectures on artificial intelligence and machine learning, 1939-4616 ; # 12
Note Part of: Synthesis digital library of engineering and computer science
Series from website
Includes bibliographical references (p. 83-92)
Preface -- 1. Introduction -- 1.1 What is a trading agent? -- 1.2 Bargaining and trading -- 1.3 Arbitrage agents -- 1.4 This lecture -- 1.5 Bibliographic notes --
2. Example: bidding on eBay -- 2.1 eBay auction rules -- 2.2 Timing -- 2.3 Pricing the offer -- 2.4 Shopping -- 2.5 Strategy lessons --
3. Auction fundamentals -- 3.1 Auctions and markets -- 3.2 Basic auction types -- 3.2.1 First-price sealed bid -- 3.2.2 Second-price sealed bid -- 3.2.3 Sidebar: back to eBay -- 3.2.4 English open outcry auctions -- 3.2.5 Dutch auctions -- 3.3 Interdependent values -- 3.3.1 Modeling interdependence -- 3.3.2 Winner's curse -- 3.3.3 Bidding with interdependent values -- 3.4 Strategy lessons -- 3.5 Bibliographic notes --
4. Continuous double auctions -- 4.1 CDA operation -- 4.2 One-shot double auctions -- 4.2.1 Single-unit traders -- 4.2.2 Multiunit traders -- 4.3 CDA strategies -- 4.3.1 Strategic issues for CDAs -- 4.3.2 Experimental CDA research -- 4.3.3 Adaptive CDA bidding strategies -- 4.3.4 Heuristic belief learning -- 4.3.5 Strategies from finance research -- 4.4 Empirical game-theoretic analysis -- 4.4.1 EGTA methodology -- 4.4.2 Empirical CDA game -- 4.5 Lessons for CDA strategy --
5. Interdependent markets -- 5.1 Dealing with multiple markets -- 5.2 Simultaneous one-shot markets -- 5.2.1 Bidding with given prices -- 5.2.2 Bidding with price distributions -- 5.3 Price prediction -- 5.4 Simultaneous ascending auctions -- 5.4.1 SAA operation -- 5.4.2 SAA strategy -- 5.4.3 Empirical game-theoretic analysis -- 5.5 Strategy lessons -- 5.6 Bibliographic notes --
6. Conclusion -- 6.1 Trading agent architecture -- 6.2 Basic bidding cycle -- 6.2.1 Update market state -- 6.2.2 Predict prices -- 6.2.3 Optimize target bundle -- 6.2.4 Compute bids -- 6.3 Trading agent research --
Bibliography -- Author's biography
Abstract freely available; full-text restricted to subscribers or individual document purchasers
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Mode of access: World Wide Web
System requirements: Adobe Acrobat Reader
Automated trading in electronic markets is one of the most common and consequential applications of autonomous software agents. Design of effective trading strategies requires thorough understanding of how market mechanisms operate, and appreciation of strategic issues that commonly manifest in trading scenarios. Drawing on research in auction theory and artificial intelligence, this book presents core principles of strategic reasoning that apply to market situations. The author illustrates trading strategy choices through examples of concrete market environments, such as eBay, as well as abstract market models defined by configurations of auctions and traders. Techniques for addressing these choices constitute essential building blocks for the design of trading strategies for rich market applications. The lecture assumes no prior background in game theory or auction theory, or artificial intelligence
Also available in print
Morgan-IISLIB
Subject Intelligent agents (Computer software)
Internet auctions -- Mathematical models
Electronic commerce -- Mathematical models
trading agent
bidding agent
algorithmic trading
auction
computational game theory
eBay
multiagent systems
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