Designing a successful bidding strategy using fuzzy sets and agent attitudes

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Advanced Information and Knowledge Processing, 2015, 46 pp. 359 - 370
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© Springer-Verlag London Limited 2010. To be successful in a multi-attribute auction, agents must be capable of adapting to continuously changing bidding price. This chapter presents a novel fuzzy attitude-based bidding strategy (FA-Bid), which employs dual assessment technique, i.e., assessment of multiple attributes of the goods as well as assessment of agents’ attitude (eagerness) to procure an item in automated auction. The assessment of attributes adapts the fuzzy sets technique to handle uncertainty of the bidding process as well use heuristic rules to determine the attitude of bidding agents in simulated auctions to procure goods. The overall assessment is used to determine a price range based on current bid, which finally selects the best one as the new bid.
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