TY - GEN
T1 - Evolutionary market agents for resource allocation in decentralised systems
AU - Lewis, Peter R.
AU - Marrow, Paul
AU - Yao, Xin
PY - 2008
Y1 - 2008
N2 - We introduce self-interested evolutionary market agents, which act on behalf of service providers in a large decentralised system, to adaptively price their resources over time. Our agents competitively co-evolve in the live market, driving it towards the Bertrand equilibrium, the non-cooperative Nash equilibrium, at which all sellers charge their reserve price and share the market equally. We demonstrate that this outcome results in even load-balancing between the service providers. Our contribution in this paper is twofold; the use of on-line competitive co-evolution of self-interested service providers to drive a decentralised market towards equilibrium, and a demonstration that load-balancing behaviour emerges under the assumptions we describe. Unlike previous studies on this topic, all our agents are entirely self-interested; no cooperation is assumed. This makes our problem a non-trivial and more realistic one.
AB - We introduce self-interested evolutionary market agents, which act on behalf of service providers in a large decentralised system, to adaptively price their resources over time. Our agents competitively co-evolve in the live market, driving it towards the Bertrand equilibrium, the non-cooperative Nash equilibrium, at which all sellers charge their reserve price and share the market equally. We demonstrate that this outcome results in even load-balancing between the service providers. Our contribution in this paper is twofold; the use of on-line competitive co-evolution of self-interested service providers to drive a decentralised market towards equilibrium, and a demonstration that load-balancing behaviour emerges under the assumptions we describe. Unlike previous studies on this topic, all our agents are entirely self-interested; no cooperation is assumed. This makes our problem a non-trivial and more realistic one.
KW - co-evolution
KW - decentralised systems
KW - load-balancing
KW - market-based control
KW - self-interested agents
UR - http://www.scopus.com/inward/record.url?scp=56449122093&partnerID=8YFLogxK
UR - http://link.springer.com/chapter/10.1007%2F978-3-540-87700-4_106
U2 - 10.1007/978-3-540-87700-4_106
DO - 10.1007/978-3-540-87700-4_106
M3 - Conference publication
AN - SCOPUS:56449122093
SN - 3-540-87699-5
SN - 978-3-540-87699-1
T3 - Lecture Notes in Computer Science
SP - 1071
EP - 1080
BT - Parallel Problem Solving from Nature - PPSN X
PB - Springer
CY - Berlin (DE)
T2 - 10th International Conference on Parallel Problem Solving from Nature
Y2 - 13 September 2008 through 17 September 2008
ER -