@InProceedings{preist01b,
  author =	 {Chris Preist and Andrew Byde and Claudio Bartolini},
  title =	 {Economic dynamics of agents in multiple auctions},
  googleid =	 {GKOZprdyEHsJ:scholar.google.com/},
  booktitle =	 {Proceedings of the fifth international conference on
                  Autonomous agents},
  year =	 2001,
  isbn =	 {158113326X},
  pages =	 {545--551},
  location =	 {Montreal, Quebec, Canada},
  doi =		 {10.1145/375735.376441},
  publisher =	 {ACM Press},
  abstract =	 {Over the last few years, electronic auctions have
                  become an increasingly important aspect of
                  e-commerce, both in the business to business and
                  business to consumer domains. As a result of this,
                  it is often possible to find many auctions selling
                  similar goods on the web. However, when an
                  individual is attempting to purchase such a good,
                  they will usually bid in one, or a small number, of
                  such auctions. This results in two forms of
                  inefficiency. Firstly, the individual may pay more
                  for the good than would be expected in an ideal
                  market. Secondly, some sellers may fail to make a
                  sale that could take place in an ideal market. In
                  this paper, we present an agent that is able to
                  participate in multiple auctions for a given good,
                  placing bids appropriately to secure the cheapest
                  price. We present experiments to show; (i) Current
                  auction markets on the web are inefficient, with
                  trades taking place away from equilibrium price, and
                  not all benefit from trade being extracted. (ii) Our
                  agent is able to exploit these inefficiencies,
                  resulting in it making higher profits than the
                  simple strategy of bidding in a small number of
                  auctions. (iii) As more participants use our agent,
                  the market becomes more efficient. When all
                  participants use the agent, all trades take place
                  close to equilibrium price, and the market
                  approaches ideal behaviour.},
  keywords =     {auctions},
  url =		 {http://jmvidal.cse.sc.edu/library/preist01b.pdf},
  cluster = 	 {8867713799392174872},
}