next up previous
Next: Sellers with one-level models. Up: Agents with One-level Models Previous: Agents with One-level Models

Buyers with one-level models.

  Each buyer can now keep a history of the qualities it ascribes to the goods returned by each seller. She can, in fact, remember the last N qualities returned by some seller s for some good g, and define a probability density function tex2html_wrap_inline690 over the qualities x returned by s (i.e. tex2html_wrap_inline690 returns the probability that s returns an instance of good g that has quality x). She can use the expected value of this function to calculate which seller she expects will give her the highest expected value.


The buyer does not need to model other buyers since they do not affect the value she gets.

Jose M. Vidal
Wed Aug 21 07:12:37 EDT 1996