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Strategies for Agent-Based Negotiation in E-Trade
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Author(s): Raja Al-Jaljouli (Deakin University, Australia)and Jemal H. Abawajy (Deakin University, Australia)
Copyright: 2013
Pages: 23
Source title:
Network and Traffic Engineering in Emerging Distributed Computing Applications
Source Author(s)/Editor(s): Jemal H. Abawajy (Deakin University, Australia), Mukaddim Pathan (Australian National University, Australia), Mustafizur Rahman (The University of Melbourne, Australia), Al-Sakib Khan Pathan (International Islamic University Malaysia (IIUM), Malaysia)and Mustafa Mat Deris (Universiti Tun Hussein Onn (UTHM), Malaysia)
DOI: 10.4018/978-1-4666-1888-6.ch003
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Abstract
E-negotiation handles negotiation over the Internet without human supervision and has shown effectiveness in concluding verifiable and more favorable agreements in a reasonably short time. In this chapter, the authors discuss the negotiation system and its components with particular emphasis on negotiation strategies. A negotiation strategy defines strategic tactics, which advise on the proper action to select from a set of possible actions that optimizes negotiation outcomes. A strategy should integrate negotiation goals and reactive attitudes. Usually, a fixed strategy is implemented during the course of negotiation regardless of significant decision-making factors including market status, opponent’s profile, or eagerness for a negotiated goods/service. The chapter presents the main negotiation strategies and outlines the different decision-making factors that should be considered. A strategy uses a utility function to evaluate the offer of an opponent and advises on the generation of a counter offer or the best interaction. The authors finally discuss different utility functions presented in the literature.
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