Timed Auction This model simulates a simplified auction. Agents try to outbid one another in order to display their color at a specific position within the environment. This prized location is open for auction for a specific amount of time and the winner will be able to occupy this position for a total of 5 time steps before the whole process starts again.
At each time step, an agent receives the highest current bid and sends their bid for the prize location. Each agent has a randomly generated desire for this spot that helps determine how much they are willing to bid.
Once the bidding as closed, the prized location displays the winner's color and the winner sets its height to 10.
Sealed Bid Auction Each agent submits a single bid and the highest bid is choosen as the winner. The prized location displays the winner's color and the winner sets its height to 10.
English Auction Like the Timed Auction, at each time step, an agent receives the highest current bid and sends their bid for the prize location. The auction closes when only one bid remains and no agent is willing to bid any further.
Vickrey Auction This auction is similar to the Sealed Bid Auction with each agent submitting a single bid and the agent with the highest bid is chosen. However, the winner wins with the second highest bid. This means that the agent chosen as the winner submitted the highest bid but subtracts the second highest bid amount from their supply.
Dutch Auction Unlike the auctions mentioned above, this auction starts at a set price (usually much higher than it is worth) and decreases the price until a bidder decides to claim the prize location.