Formal modeling of agent-based English auctions using finite state process algebra

Abstract

The vision of global agent-based e-commerce environments that enable dynamic trading between business partners requires the study and development of suitable formal modeling frameworks. In particular, negotiation is a necessary and important activity to allow engagement of business parties in nontrivial business relationships. In this note we propose a formal framework using finite state process algebra for modeling and analysis of agent-based negotiations, with a focus on a particular price negotiation - English auction. © Springer-Verlag Berlin Heidelberg 2007.