Detecting Behavioral Biases in Mixed Human-Proxy Online Auction Markets

2013 ◽  
Vol 4 (4) ◽  
pp. 60-79
Author(s):  
Roumen Vragov
Keyword(s):  
Theoretical Model ◽  
Human Behavior ◽  
Software Agents ◽  
Online Auction ◽  
Electronic Market ◽  
Auction Markets ◽  
Behavioral Biases ◽  
Bid Price

Currently many auction websites directly or indirectly provide support for the use of automated proxies or agents. Buyers can use proxies to monitor auctions and bid at the appropriate time and with the appropriate bid price, sellers can use proxies to set prices or negotiate deals. Proxy complexity varies, however most proxies first require some input on the part of the human trader and then perform the trading task autonomously. This paper proposes and tests a theoretical model of human behavior that can be used to detect behavioral biases in electronic market environments populated by humans and software agents. The paper also quantifies the effect of these biases on individual and business profits.

The Human Behavioral Response to Automated Trading

2017 ◽  
pp. 206-237
Author(s):  
Roumen Vragov
Keyword(s):  
Theoretical Model ◽  
Human Behavior ◽  
Behavioral Response ◽  
Laboratory Experiments ◽  
Human Subjects ◽  
Commodity Markets ◽  
Computer Algorithms ◽  
Behavioral Biases ◽  
Attitudes Towards Technology ◽  
Electronic Agents

The use of computer algorithms by human traders in markets has been steadily increasing. These electronic agents or proxies vary in terms of purpose and complexity, however, most of them first require some input on the part of the human trader and then perform the rest of the trading task autonomously. This paper proposes a theoretical model of human behavior that can be used to detect behavioral biases in commodity markets populated by humans and electronic proxies. The model's predictions are tested with the help of laboratory experiments with economically-motivated human subjects. Results suggests that the usefulness of automated trading is initially diminished by behavioral biases arising from attitudes towards technology. In some cases, the biases disappear with experience and in others they do not.

Online Auction Markets Before and During the Lockdown

2021 ◽  
Author(s):  
Francisco Alvarez ◽  
Alfredo Garcia-Hiernaux ◽  
Marcello Sartarelli
Keyword(s):  
Online Auction ◽  
Auction Markets

Approaches to a Decentralized Architecture for an Electronic Market - A Study for the Air Cargo Business

2011 ◽  
pp. 236-250
Author(s):  
Freimut Bodendorf ◽  
Stefan Reinheimer
Keyword(s):  
Value Chain ◽  
Business Processes ◽  
Software Agents ◽  
Information Gathering ◽  
Coordination Mechanisms ◽  
Electronic Market ◽  
Air Cargo ◽  
Decision Support Model ◽  
Transaction Process ◽  
Decentralized Architecture

This chapter proposes a decision support model for electronic markets using software agents. The model is based on the value chain concept applying to interorganizational information technology (IT), and the consideration of new coordination mechanisms to increase the efficiency of business processes. The proposed framework is used to design an electronic air cargo market. Companies involved in air cargo have lagged in recent years to adapt to the needs of their customers. Our framework suggests the decentralized implementation of software agents to support the transaction process. These autonomous software agents will support users to accomplish the various phases involved in a business transaction from information gathering to negotiation.

Efficiency Considerations in Online Auction Markets

2007 ◽  
Vol 17 (4) ◽  
pp. 311-328 ◽  
Author(s):  
Ram D. Gopal ◽  
Y. Alex Tung ◽  
Andrew B. Whinston
Keyword(s):  
Online Auction ◽  
Auction Markets

A Semantic Web-Based Information Integration Approach for an Agent-Based Electronic Market

2009 ◽  
pp. 150-169
Author(s):  
Maria João Viamonte
Keyword(s):  
Semantic Web ◽  
Information Integration ◽  
Software Agents ◽  
Economic Incentives ◽  
The Internet ◽  
Electronic Market ◽  
Multi Agent Systems ◽  
Agent Based ◽  
Goods And Services ◽  
Integration Approach

With the increasing importance of e-commerce across the Internet, the need for software agents to support both customers and suppliers in buying and selling goods/services is growing rapidly. It is becoming increasingly evident that in a few years the Internet will host a large number of interacting software agents. Most of them will be economically motivated, and will negotiate a variety of goods and services. It is therefore important to consider the economic incentives and behaviours of e-commerce software agents, and to use all available means to anticipate their collective interactions. Even more fundamental than these issues, however, is the very nature of the various actors that are involved in e-commerce transactions. This leads to different conceptualizations of the needs and capabilities, giving rise to semantic incompatibilities between them. Ontologies have an important role in Multi-Agent Systems communication and provide a vocabulary to be used in the communication between agents. It is hard to find two agents using precisely the same vocabulary. They usually have a heterogeneous private vocabulary defined in their own private ontology. In order to provide help in the conversation among different agents, we are proposing what we call ontology-services to facilitate agents’ interoperability. More specifically, we propose an ontology-based information integration approach, exploiting the ontology mapping paradigm, by aligning consumer needs and the market capacities, in a semi-automatic mode. We propose a new approach for the combination of the use of agent-based electronic markets based on Semantic Web technology, improved by the application and exploitation of the information and trust relationships captured by the social networks.

State Actor Model for Cloud-Based Online Auction

2019 ◽  
pp. 170-188
Author(s):  
Yun Shu ◽  
Jian Yu ◽  
Wei Qi Yan
Keyword(s):  
Cloud Computing ◽  
Real Time ◽  
Data Storage ◽  
High Performance ◽  
Distributed Databases ◽  
Online Auction ◽  
Actor Model ◽  
Bid Price ◽  
State Actor ◽  
Efficient Data

In recent decades, internet auctions have become the most significant e-commerce business model worldwide. With the rapid rise of cloud computing over the last few years, the legacy online auction platform is gradually being replaced using service-oriented cloud computing in real time. This chapter describes the design and implementation of a state and high-performance online auction system over cloud and proposes the methodology to provide persistent state records during the auction process so that we are able to ensure the reliability of submitted bid price and guarantee the security of price message in the delivery process. The authors employ actor-based applications to achieve stateful, parallel, and distributed architecture. Meanwhile, utilizing distributed databases provides secure and efficient data storage. To the best of the authors' knowledge, this is the first time that the actor framework has been applied to the online auction. The preliminary result is for implementation of high-performance and real-time bidding online auction.

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