The University of Michigan Digital Library (UMDL) is an open system that allows third-parties to build and integrate their own profit-seeking agents into the marketplace of information goods and services. The profit-seeking behavior of agents, however, risks inefficient allocation of goods and services, as agents take strategic stances that might backfire. While it would be good if one could impose mechanisms to remove incentives for strategic reasoning, such mechanisms are not possible in the UMDL. Therefore, the authors' approach has instead been to study whether encouraging the other extreme-making strategic reasoning ubiquitous-provides an answer. Toward this end, they have designed a strategy (called p-strategy) that uses a stochastic model of the market to find the best offer price. They have then examined the collective behavior of p-strategy agents in the UMDL auction. Their experiments show that strategic thinking is not always beneficial and that the advantage of being strategic decreases with the arrival of equally strategic agents. Furthermore, a simple strategy can be as effective when enough other agents use the p-strategy. Consequently, they expect the UMDL is likely to evolve to a point where some agents use simpler strategies and same use the p-strategy. Because of that, although the market efficiency (measured by total profit) decreases with an increasing number of p-strategy agents, the UMDL will not suffer inefficiency in the worst case.
|Title of host publication||Proceedings - International Conference on Multi Agent Systems, ICMAS 1998|
|Publisher||Institute of Electrical and Electronics Engineers Inc.|
|Number of pages||8|
|ISBN (Print)||081868500X, 9780818685002|
|Publication status||Published - 1998|
|Event||1998 International Conference on Multi Agent Systems, ICMAS 1998 - Pans, France|
Duration: 1998 Jul 3 → 1998 Jul 7
|Name||Proceedings - International Conference on Multi Agent Systems, ICMAS 1998|
|Other||1998 International Conference on Multi Agent Systems, ICMAS 1998|
|Period||98/7/3 → 98/7/7|
Bibliographical noteFunding Information:
This research has been funded in part by the joint NSF/DARPA/NASA Digital Libraries Initiative under CERA IN-941 1287. The first author is partially supported by the Horace H. Rackham Barbour scholarship.
© 1998 IEEE.
All Science Journal Classification (ASJC) codes
- Management Information Systems
- Computer Networks and Communications
- Information Systems and Management