Vidal's libraryTitle: | Market-Based Task Allocation Mechanisms for Limited Capacity Suppliers |
Author: | Rajdeep K. Dash, Perukrishnen Vytelingum, Alex Rogers, Esther David, and Nicholas R. Jennings |
Journal: | IEEE Transactions on Systems, Man, and Cybernetics - Part A. |
Year: | 2007 |
Abstract: | This paper reports on the design and comparison of two economically-inspired mechanisms for task allocation in environments where sellers have nite production capacities and a cost structure composed of a xed overhead cost and a constant marginal cost. Such mechanisms are required when a system consists of multiple self-interested stakeholders that each possess private information that is relevant to solving a system-wide problem. Against this background, we rst develop a computationally tractable centralised mechanism that nds the set of producers that have the lowest total cost in providing a certain demand (i.e. it is efcient). We achieve this by extending the standard Vickrey- Clarke-Groves mechanism to allow for multi-attribute bids and by introducing a novel penalty scheme such that producers are incentivised to truthfully report their capacities and their costs. Furthermore our extended mechanism is able to handle sellers' uncertainty about their production capacity and ensures that individual agents nd it protable to participate in the mechanism. However, since this rst mechanism is centralised, we also develop a complementary decentralised mechanism based around the continuous double auction. Again because of the characteristics of our domain, we need to extend the standard form of this protocol by introducing a novel clearing rule based around an order book. With this modied protocol, we empirically demonstrate (with simple trading strategies) that the mechanism achieves high efciency. In particular, despite this simplicity, the traders can still derive a prot from the market which makes our mechanism attractive since these results are a likely lower bound on their expected returns. |
@Article{dash07a,
author = {Rajdeep K. Dash and Perukrishnen Vytelingum and Alex
Rogers and Esther David and Nicholas R. Jennings},
title = {Market-Based Task Allocation Mechanisms for Limited
Capacity Suppliers},
journal = {{IEEE} Transactions on Systems, Man, and Cybernetics
- Part A.},
year = 2007,
abstract = {This paper reports on the design and comparison of
two economically-inspired mechanisms for task
allocation in environments where sellers have nite
production capacities and a cost structure composed
of a xed overhead cost and a constant marginal
cost. Such mechanisms are required when a system
consists of multiple self-interested stakeholders
that each possess private information that is
relevant to solving a system-wide problem. Against
this background, we rst develop a computationally
tractable centralised mechanism that nds the set of
producers that have the lowest total cost in
providing a certain demand (i.e. it is efcient). We
achieve this by extending the standard Vickrey-
Clarke-Groves mechanism to allow for multi-attribute
bids and by introducing a novel penalty scheme such
that producers are incentivised to truthfully report
their capacities and their costs. Furthermore our
extended mechanism is able to handle sellers'
uncertainty about their production capacity and
ensures that individual agents nd it protable to
participate in the mechanism. However, since this
rst mechanism is centralised, we also develop a
complementary decentralised mechanism based around
the continuous double auction. Again because of the
characteristics of our domain, we need to extend the
standard form of this protocol by introducing a
novel clearing rule based around an order book. With
this modied protocol, we empirically demonstrate
(with simple trading strategies) that the mechanism
achieves high efciency. In particular, despite this
simplicity, the traders can still derive a prot from
the market which makes our mechanism attractive
since these results are a likely lower bound on
their expected returns.},
url = {http://jmvidal.cse.sc.edu/library/dash07a.pdf}
}
Last modified: Wed Mar 9 10:16:47 EST 2011