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Alternative Approaches to Auction Trading by Consortia in Multi Agent Systems: A Comparative Study

Alternative Approaches to Auction Trading by Consortia in Multi Agent Systems: A Comparative Study

Barin N. Nag, Dong-Qing Yao, Sungchul Hong
Copyright: © 2013 |Pages: 13
ISBN13: 9781466626256|ISBN10: 1466626259|EISBN13: 9781466626751
DOI: 10.4018/978-1-4666-2625-6.ch097
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MLA

Nag, Barin N., et al. "Alternative Approaches to Auction Trading by Consortia in Multi Agent Systems: A Comparative Study." Supply Chain Management: Concepts, Methodologies, Tools, and Applications, edited by Information Resources Management Association, IGI Global, 2013, pp. 1637-1649. https://doi.org/10.4018/978-1-4666-2625-6.ch097

APA

Nag, B. N., Yao, D., & Hong, S. (2013). Alternative Approaches to Auction Trading by Consortia in Multi Agent Systems: A Comparative Study. In I. Management Association (Ed.), Supply Chain Management: Concepts, Methodologies, Tools, and Applications (pp. 1637-1649). IGI Global. https://doi.org/10.4018/978-1-4666-2625-6.ch097

Chicago

Nag, Barin N., Dong-Qing Yao, and Sungchul Hong. "Alternative Approaches to Auction Trading by Consortia in Multi Agent Systems: A Comparative Study." In Supply Chain Management: Concepts, Methodologies, Tools, and Applications, edited by Information Resources Management Association, 1637-1649. Hershey, PA: IGI Global, 2013. https://doi.org/10.4018/978-1-4666-2625-6.ch097

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Abstract

Agent-based auction trading is important in e-Procurement as a part of the supply chain management activity of procurement via the Internet. Participating buyers and sellers are intelligent agents tasked with finding matches with required or offered quantities for best performance. Formation of consortiums offers opportunities in matching trade volumes, but in the real world, there are difficulties in optimizing consortium formation due to lack of perfect information and the dynamic character of the information. Heuristic methods are often the only solution. This chapter shows the impact and capabilities of alternate heuristic models, and compares their performances in auction trading.

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