26 Market Economy Analysis for Online Auctions with Homogeneous and Heterogeneous Bidder Agents

Agents have now replaced the role of buyers and sellers in online auctions. These agents are equipped with various bidding strategies to maximize their chances of obtaining the item successfully with some profits. Thus, in this work, we considered the market economy of utilizing bidder agents. In this work, we compare the performance between agents of the same type and agents of different types in a simulated marketplace in terms of the winner's utility and the number of winning auctions. Based on the results, having bidder agents with different bidding strategies allow the human buyers to select the best bidding agents to bid on their behalf and promotes healthy competition among the bidders in any online auction.