Abstract: This paper provides an overview of auction theory literature. We present a general review on literature of various auctions and focus ourselves specifically on an English auction. We are interested in modelling bidder's behavior in an English auction environment. And hence, we present an overview of the New Zealand wool auction followed by a model that would describe a bidder's decision making behavior from the New Zealand wool auction. The mathematical assumptions in an English auction environment are demonstrated from the perspective of the New Zealand wool auction.
Abstract: This paper provides an overview of auction theory
literature. We present a general review on literature of various
auctions and focus ourselves specifically on an English auction. We
are interested in modelling bidder-s behavior in an English auction
environment. And hence, we present an overview of the New Zealand
wool auction followed by a model that would describe a bidder-s
decision making behavior from the New Zealand wool auction. The
mathematical assumptions in an English auction environment are
demonstrated from the perspective of the New Zealand wool auction.
Abstract: Recently, we have presented an initial implementation
of a model agent-based e-commerce system, which utilized a simple
price negotiation mechanism–English Auction. In this note we
discuss how a Dutch Auction involving multiple units of a product
can be included in our system. We present UML diagrams of
agents involved in price negotiations and briefly discuss rule-based
mechanism exemplifying Dutch Auction.