Using attribute and attitude assessment for bidding in automated auctions

An automated auction is an efficient market institution for real-world trading of commodities. This paper presents a novel fuzzy bidding strategy (FAA-Bid), which employs assessments of multiple attributes of items as well as agents' attitude on bidding item 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 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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