Lewis, P R and Marrow, P and Yao, X (2008) Evolutionary market agents for resource allocation in decentralised systems. In: Parallel Problem Solving From Nature - PPSN X, 13-17 September, 2008, Dortmund, Germany.
URL of Published Version: http://www.springerlink.com/content/m2j7578765688370/
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.
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