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Modeling Agent Auctions in a Supply Chain Environment

Author

Listed:
  • Sungchul Hong

    (Towson University, USA)

  • Barin N. Nag

    (Towson University, USA)

  • Dong-qing Yao

    (Towson University, USA)

Abstract

Agent-based auction technology has revolutionized auction trading in the Supply Chain environment by reducing the cost of transactions, and by increasing the satisfaction factor in matching requirements of seller and buyer agents. In this article, we have considered methods of matching quantities of buyer and seller agents by cooperation, with a priority on the buyer’s requirements. The article discusses the architecture of the agent and the agent community when there is cooperative matching of volume. We present a Dynamic Programming algorithm to describe the agent’s decision process, and heuristic algorithms as the practical solution methodology. The results of a simple experiment show the improvement achieved by cooperation.

Suggested Citation

  • Sungchul Hong & Barin N. Nag & Dong-qing Yao, 2007. "Modeling Agent Auctions in a Supply Chain Environment," International Journal of Intelligent Information Technologies (IJIIT), IGI Global, vol. 3(1), pages 14-36, January.
    • Handle: RePEc:igg:jiit00:v:3:y:2007:i:1:p:14-36
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