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An Evolutionary Framework for Determining Heterogeneous Strategies in Multi-Agent Marketplaces

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Author Info
Babanov, A.
Ketter, W.
Gini, M. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)
Abstract

We propose an evolutionary approach for studying the dynamics of interaction of strategic agents that interact in a marketplace. The goal is to learn which agent strategies are most suited by observing the distribution of the agents that survive in the market over extended periods of time. We present experimental results from a simulated market, where multiple service providers compete for customers using different deployment and pricing schemes. The results show that heterogeneous strategies evolve and co-exist in the same market.

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File URL: http://hdl.handle.net/1765/10972
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Publisher Info
Paper provided by Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam. in its series Research Paper with number ERS-2008-002-LIS Revision_Date: 2009-07-29.

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Date of creation: 17 Jan 2008
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Handle: RePEc:dgr:eureri:1765010972

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Related research
Keywords: trading agents; multi-agent systems; complexity economics; simulation; marketing;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David McFadzean & Deron Stewart & Leigh Tesfatsion, 2000. "A Computational Laboratory for Evolutionary Trade Networks," Computational Economics 0004004, EconWPA. [Downloadable!]
    Other versions:
  2. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March. [Downloadable!] (restricted)
  3. Alex Anas & Richard Arnott & Kenneth A. Small, 1998. "Urban Spatial Structure," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1426-1464, September. [Downloadable!] (restricted)
    Other versions:
  4. Edwin S. Mills & Michael R. Lav, 1964. "A Model of Market Areas with Free Entry," Journal of Political Economy, University of Chicago Press, vol. 72, pages 278. [Downloadable!] (restricted)
  5. Alvin E. Roth, 2002. "The Economist as Engineer: Game Theory, Experimentation, and Computation as Tools for Design Economics," Econometrica, Econometric Society, vol. 70(4), pages 1341-1378, July. [Downloadable!] (restricted)
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This page was last updated on 2009-12-2.

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