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Buyers with no models.

A buyer b will start by requesting bids for a good g. She will then accept all bids for good g and will pick the seller:


The function tex2html_wrap_inline652 returns the value the buyer expects to get if she buys good g at a price of p. It is learned using a simple form of reinforcement learning, namely:


where tex2html_wrap_inline658 is the learning rate, p is the price b paid for the good, and q is the quality she ascribed to it. The learning rate is initially set to 1 and, like tex2html_wrap_inline634 , is decreased until it reaches some fixed minimum value tex2html_wrap_inline670 .

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