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2007

Chain: A Dynamic Double Auction Framework for Matching Patient Agents

9 years 1 months ago
Chain: A Dynamic Double Auction Framework for Matching Patient Agents
In this paper we present and evaluate a general framework for the design of truthful auctions for matching agents in a dynamic, two-sided market. A single commodity, such as a resource or a task, is bought and sold by multiple buyers and sellers that arrive and depart over time. Our algorithm, Chain, provides the first framework that allows a truthful dynamic double auction (DA) to be constructed from a truthful, single-period (i.e. static) double-auction rule. The pricing and matching method of the Chain construction is unique amongst dynamic-auction rules that adopt the same building block. We examine experimentally the allocative efficiency of Chain when instantiated on various single-period rules, including the canonical McAfee double-auction rule. For a baseline we also consider non-truthful double auctions populated with “zero-intelligence plus”-style learning agents. Chain-based auctions perform well in comparison with other schemes, especially as arrival intensity falls a...
Jonathan Bredin, David C. Parkes, Quang Duong
Added 15 Dec 2010
Updated 15 Dec 2010
Type Journal
Year 2007
Where JAIR
Authors Jonathan Bredin, David C. Parkes, Quang Duong
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