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An Approach to One-to-Many Concurrent Negotiation

Author

Listed:
  • Khalid Mansour

    (Swinburne University of Technology)

  • Ryszard Kowalczyk

    (Swinburne University of Technology)

Abstract

Automated negotiation is a market mechanism that can improve the electronic transactions in terms of both the time needed to complete the transactions and the quality of the transactions. The quality of a transaction can be measured—for example—by its utility. This paper addresses the problem of the bidding strategy for a buyer agent negotiating concurrently with multiple seller agents over multiple distinct objects, e.g., resources. Each distinct object has multiple providers and a single negotiation issue. In our scenario, we assume that all objects have the same negotiation issue. For the stated scenario, we propose novel coordination mechanisms that manage the bidding strategy for the buyer agent benefiting from the different objectives of the seller agents over all negotiation objects and from the different objectives of the seller agents of a given object. We propose three dynamic bidding strategies: global, local and hybrid. The strategies are tested against two other benchmark negotiation strategies used in the literature. The experimental results show that the proposed strategies perform well when compared with the other benchmark strategies under tough negotiation conditions.

Suggested Citation

  • Khalid Mansour & Ryszard Kowalczyk, 2015. "An Approach to One-to-Many Concurrent Negotiation," Group Decision and Negotiation, Springer, vol. 24(1), pages 45-66, January.
    • Handle: RePEc:spr:grdene:v:24:y:2015:i:1:d:10.1007_s10726-014-9379-5
    DOI: 10.1007/s10726-014-9379-5
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    References listed on IDEAS

    as
    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. N.R. Jennings & P. Faratin & A.R. Lomuscio & S. Parsons & M.J. Wooldridge & C. Sierra, 2001. "Automated Negotiation: Prospects, Methods and Challenges," Group Decision and Negotiation, Springer, vol. 10(2), pages 199-215, March.
    3. Alessio R. Lomuscio & Michael Wooldridge & Nicholas R. Jennings, 2003. "A Classification Scheme for Negotiation in Electronic Commerce," Group Decision and Negotiation, Springer, vol. 12(1), pages 31-56, January.
    Full references (including those not matched with items on IDEAS)

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