Abstract
In this game, agents will face-off against each other in the ultra-competitive real estate market. Each competitor will act as a real estate agent, working on behalf of clients who need to move into new homes. These clients need to buy a new home as well as sell their current home. The game will test competitors’ technology in two main research areas: preference elicitation and multi-issue negotiation. Each time an agent acquires a new client, it must query the client about its various preferences (e.g. price range, number of bedrooms, etc.) for their new home. Agents then search the listings of the other agents, seeking a possible match. Once found, the agent then engages in negotiations with the selling agent, haggling over various aspects of the deal. Once a house has been purchased, the client’s old house needs to be sold. The objective of the game is to earn the most money. Selling agents earn commissions from sales. Buying agents do not earn commissions, but instead need to maximize the utility of their clients by obtaining a good deal. Satisfied clients are more likely to keep their agent to sell their old house.
Access provided by Autonomous University of Puebla. Download to read the full chapter text
Chapter PDF
Similar content being viewed by others
References
Arunachalam, R., Sadeh, N.: The 2003 supply chain management trading agent competition. In: Proc. of the 6th International Conference on Electronic Commerce (ICEC2004), Delft, The Netherlands, pp. 113–120 (2004)
Chajewska, U., Koller, D., Parr, R.: Making rational decisions using adaptive utility elicitation. In: AAAI-00, Austin, Texas, USA, pp. 363–369 (2000)
Fatima, S.S., Wooldridge, M., Jennings, N.R.: An agenda-based framework for multi-issue negotiation. Artificial Intelligence 152(1), 1–45 (2004)
Gibler, K.M., Nelson, S.L.: Consumer behavior applications to real estate education. Journal of Real Estate Practice and Education 6(1), 63–84 (2003)
Jennings, N.R., et al.: Automated negotiation: prospects, methods and challenges. Int. J. of Group Decision and Negotiation 10(2), 199–215 (2001)
Jennings, N.R., et al.: Automated negotiation. In: 5th International Conference on the Practical Application of Intelligent Agents and Multiagent Systems (PAAM-2000), Manchester, UK, pp. 23–30 (2000)
Keeney, R.L., Raiffa, H.: Decisions with Multiple Objectives: Preferences and Value Tradeoffs. John Wiley and Sons, Chichester (1976)
Tversky, A.: Elimination by aspects: a theory of choice. Psychological Review 79, 281–299 (1972)
Wellman, M.P., et al.: Designing the market game for a trading agent competition. IEEE Internet Computing 5, 43–51 (2001)
Author information
Authors and Affiliations
Editor information
Rights and permissions
Copyright information
© 2007 Springer Berlin Heidelberg
About this paper
Cite this paper
Buffett, S., Fasli, M. (2007). TAC-REM – The Real Estate Market Game: A Proposal for the Trading Agent Competition. In: Fasli, M., Shehory, O. (eds) Agent-Mediated Electronic Commerce. Automated Negotiation and Strategy Design for Electronic Markets. TADA AMEC 2006 2006. Lecture Notes in Computer Science(), vol 4452. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-72502-2_7
Download citation
DOI: https://doi.org/10.1007/978-3-540-72502-2_7
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-72501-5
Online ISBN: 978-3-540-72502-2
eBook Packages: Computer ScienceComputer Science (R0)