Amy R. Greenwald and Jeffrey O. Kephart
IBM Institute for Advanced Commerce
IBM Thomas J. Watson Research Center
Yorktown Heights, NY 10598
amygreen@cs.nyu.edu,kephart@watson.ibm.com
Shopbots are agents that automatically search the Internet to obtain information about prices and other attributes of goods and services. They herald a future in which autonomous agents profoundly influence electronic markets. In this study, a simple economic model is proposed and analyzed, which is intended to quantify some of the likely impacts of a proliferation of shopbots and other economically-motivated software agents. In addition, this paper reports on simulations of pricebots -- adaptive, price-setting agents which firms may well implement to combat, or even take advantage of, the growing community of shopbots. This study forms part of a larger research program that aims to provide insights into the impact of agent technology on the nascent information economy.