Market Efficiency, Sales Competition,
and the Bullwhip Effect in the TAC SCM Tournaments
PR Jordan, C Kiekintveld, J Miller, and MP Wellman
In AAMAS-06 Workshop on Trading Agent Design and Analysis, May 2006.
Copyright (c) 2006, Jordan et. al.
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Abstract
The TAC SCM tournament is moving into its fourth year.
In an effort to track agent progress, we present a benchmark market
efficiency comparison for the tournament, in addition to prior
measures of agent competency through customer bidding. Using these benchmarks
we find statistically significant increases in intratournament market efficiency,
whereas agents are generally decreasing in manufacturer market
power. We find that agent market share and bid efficiency have increased
while the variance of average sales prices has been significantly reduced.
Additionally, we test for a statistical relationship between agent profits
and the bullwhip effect.
