Peter Stone's Selected Publications

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Developing Adaptive Auction Mechanisms

David Pardoe and Peter Stone. Developing Adaptive Auction Mechanisms. ACM SIGecom Exchanges, 5(3):1–10, April 2005.
SIGecom Exchanges

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Abstract

Mechanism design has traditionally been a largely analytic process, relying on assumptions such as fully rational bidders. In practice, however, these assumptions may not hold, making bidder behavior difficult to model and complicating the design process. To address this issue, we propose a different approach to mechanism design. Instead of relying on analytic methods that require specific assumptions about bidders, our approach is to create a self-adapting mechanism that adjusts auction parameters in response to past auction results. In this paper, we describe our approach and then present an example of its implementation to illustrate its efficacy.

BibTeX Entry

@article(SIGecom05,
        author="David Pardoe and Peter Stone",
        title="Developing Adaptive Auction Mechanisms",
        month="April",year="2005",
        volume="5",number="3",pages="1--10",
        journal="{ACM} {SIG}ecom Exchanges",
        abstract={
                  Mechanism design has traditionally been a largely
                  analytic process, relying on assumptions such as
                  fully rational bidders.  In practice, however, these
                  assumptions may not hold, making bidder behavior
                  difficult to model and complicating the design
                  process.  To address this issue, we propose a
                  different approach to mechanism design.  Instead of
                  relying on analytic methods that require specific
                  assumptions about bidders, our approach is to create
                  a self-adapting mechanism that adjusts auction
                  parameters in response to past auction results.  In
                  this paper, we describe our approach and then
                  present an example of its implementation to
                  illustrate its efficacy.
        },
        wwwnote={<a href="http://www.acm.org/sigecom/exchanges/">SIGecom Exchanges</a>},
)

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