|
Published Articles >> Table of Contents >> Abstract
November/December 2003 (Vol. 18, No. 6)
pp. 48-53
Trading Agents Competing: Performance, Progress, and Market Effectiveness
Michael P. Wellman, University of Michigan Artificial Intelligence Laboratory
Shih-Fen Cheng, University of Michigan Artificial Intelligence Laboratory
Daniel M. Reeves, University of Michigan Artificial Intelligence Laboratory
Kevin M. Lochner, University of Michigan Artificial Intelligence Laboratory
Full Article Text:
   
DOI Bookmark: http://doi.ieeecomputersociety.org/10.1109/MIS.2003.1249169
Send link to a friend
| Abstract |
|
Held annually since 2000, the annual Trading Agent Competition provides a forum for designers to evaluate programmed trading techniques in a challenging market scenario. Using three years of tournament data, the authors attempt to evaluate competitors' trading competence and progress in the 2002 tournament and over time. Although it's difficult to assess absolute individual performance measures, we can directly analyze relative and overall market performance measures. This article quantifies the TAC travel market's effectiveness in terms of allocative efficiency and finds improvement within and between tournaments. Comparing these results with alternative allocation benchmarks lets us calibrate this efficiency and identify opportunities for further gains.
|
 References
|
[1] M.P. Wellman and P.R. Wurman, "A Trading Agent Competition for the Research Community," Proc. Int'l Joint Conf. Artificial Intelligence Workshop on Agent-Mediated Electronic Trading, AAAI Press, 1999.
[2] P. Stone, "Multiagent Competitions and Research: Lessons from RoboCup and TAC, RoboCup 2002: Robot Soccer World Cup VI, LNAI 2752, Springer-Verlag, 2002.
[3] M.P. Wellman et al., "The 2001 Trading Agent Competition," Electronic Markets, vol. 13, no. 1, 2003, pp. 4-12.
[4] G. Sutcliffe, "The CADE-17 ATP System Competition," J. Automated Reasoning, vol. 27, 2001, pp. 227-250.
[5] P. Stone et al., "ATTac-2000: An Adaptive Autonomous Bidding Agent, J. Artificial Intelligence Research, vol. 15, 2001, pp. 189-206.
[6] C. Fritschi and K. Dorer, "Agent-Oriented Software Engineering for Successful TAC Participation," Proc. 1st Int'l Joint Conf. Autonomous Agents and Multiagent Systems, ACM Press, 2002.
[7] M. He and N.R. Jennings, "SouthamptonTAC: Designing a Successful Trading Agent," Proc. 15th European Conf. Artificial Intelligence, IOS Press, 2002, pp. 8-12.
[8] M. He and N.R. Jennings, "SouthamptonTAC: An Adaptive Autonomous Trading Agent," ACM Trans. Internet Technology, vol. 3, 2003, pp. 218-235.
[9] I.A. Vetsikas and B. Selman, "A Principled Study of the Design Tradeoffs for Autonomous Trading Agents," Proc. 2nd Int'l Joint Conf. Autonomous Agents and Multiagent Systems, ACM Press, 2003, pp. 473-480.
[10] S.-F. Cheng et al., "Walverine: A Walrasian Trading Agent," Proc. 2nd Int'l Joint Conf. Autonomous Agents and Multiagent Systems, ACM Press, 2003, pp. 465-472.
[11] M.P. Wellman et al., "Exploring Bidding Strategies for Market-Based Scheduling," Proc. 4th ACM Conf. Electronic Commerce, ACM Press, 2003, pp. 115-124.
[12] P. Taylor and L. Jonker, "Evolutionary Stable Strategies and Game Dynamics," Mathematical Biosciences, vol. 40, 1978, pp. 145-156.
[13] R. Das et al., "Agent-Human Interactions in the Continuous Double Auction," Proc. 17th Int'l Joint Conf. Artificial Intelligence, AAAI Press, 2001, pp. 1169-1176.
Additional References
[1] N. Sadeh et al., "TAC-03: A Supply-Chain Trading Competition," AI Magazine, vol. 24, no. 1, 2003, pp. 92-94.
[2] P.R. Wurman, M.P. Wellman, and W.E. Walsh, "Flexible Double Auctions for Electronic Commerce: Theory and Implementation," Decision Support Systems, vol. 24, 1998, pp. 17-27.
[3] P.R. Wurman, M.P. Wellman, and W.E. Walsh, "A Parametrization of the Auction Design Space," Games and Economic Behavior, vol. 35, 2001, pp. 304-338.
[4] D. Friedman and J. Rust eds. The Double Auction Market, Addison-Wesley, 1993.
[5] A. Greenwald, "Bidding under Uncertainty in Simultaneous Auctions," , Proc. Int'l Joint Conf. Artificial Intelligence Workshop on Trading Agent Design and Analysis, AAAI Press, 2003.
[6] P. Stone et al., "ATTac-2001: A Learning, Autonomous Bidding Agent," Proc. Agent-Mediated Electronic Commerce IV, LNCS 2153, Springer-Verlag, 2002.
[7] M.P. Wellman et al., "Price Prediction in a Trading Agent Competition," J. Artificial Intelligence Research, vol. 19, 2003.
[8] A. Greenwald, "The 2002 Trading Agent Competition: An Overview of Agent Strategies," AI Magazine, vol. 24, no. 1, 2003, pp. 83-91.
|
 Additional Information
|
Index Terms- trading agents, trading agent competition, market games
Citation:
Michael P. Wellman, Shih-Fen Cheng, Daniel M. Reeves, Kevin M. Lochner,
"Trading Agents Competing: Performance, Progress, and Market Effectiveness,"
IEEE Intelligent Systems,
vol. 18,
no. 6,
pp. 48-53,
Nov/Dec,
2003
|
|
RSS Feed