Who to listen to: Exploiting information quality in a ZIP-agent Market

Dan Ladley, Seth Bullock

Research output: Chapter in Book/Report/Conference proceedingConference Contribution (Conference Proceeding)


Market theory is often concerned only with centralised markets. In this paper, we consider a market that is distributed over a network, allowing us to characterise spatially (or temporally) segregated markets. The effect of this modification on the behaviour of a market populated by simple trading agents was examined. It was demonstrated that an agent's ability to identify the optimum market price is positively correlated with its network connectivity. A better connected agent receives more information and, as a result, is better able to judge the market state. The ZIP trading agent algorithm is modified in light of this result. Simulations reveal that trading agents which take account of the quality of the information that they receive are better able to identify the optimum price within a market.
Original languageEnglish
Title of host publicationAgent-Mediated Electronic Commerce: Designing Trading Agents and Mechanisms
Subtitle of host publicationAAMAS 2005 Workshop, AMEC 2005, Utrecht, Netherlands, July 25, 2005, and IJCAI 2005 Workshop, TADA 2005, Edinburgh, UK, August 1, 2005, Selected and Revised Papers
EditorsHan La Poutré, Noorman M. Sadeh, Sverker Janson
PublisherSpringer Berlin Heidelberg
Number of pages12
ISBN (Electronic)9783540462439
ISBN (Print)9783540462422
Publication statusPublished - 2005
EventNineteenth International Joint Conference on Artificial Intelligence - Edinburgh, United Kingdom
Duration: 30 Jul 20055 Aug 2005

Publication series

NameLecture Notes in Computer Science
PublisherSpringer Berlin Heidelberg


ConferenceNineteenth International Joint Conference on Artificial Intelligence
Country/TerritoryUnited Kingdom

Bibliographical note

Event Dates: July 30 - August 5, 2005

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