A personality-based simulation of bargaining in e-commerce

Distributed Artificial Intelligence techniques have evolved toward multi-agent systems (MASs) where agents solve specific problems. Bargaining is a challenging area well-explored in both MAS and economics. To make agents more human-like and to increase their flexibility to reach an agreement, the authors investigated the role of personality behaviors of participants in a multi-criteria bilateral bargaining in a single-good e-marketplace, where both parties are OCEAN agents based on the five-factor (Openness, Conscientiousness, Extraversion, Agreeableness, and Negative emotions) model of personality. The authors simulate a computational approach based on a heuristic bargaining protocol and personality model on artificial stereotypes. The results suggest compound behaviors appropriate to gain the best overall utility in the role of buyer and seller and with regard to social welfare and market activeness. This generic personality-based approach can be used as a predictive or descriptive model of human behavior to adopt in areas involving negotiation and bargaining.