Abstract
Shopbots are programs that automatically search the Internet for
information that pertains to the price and quality of goods or
services on behalf of consumers. This paper addresses the
economic implications of the widespread utilization of shopbots,
as shopbots are viewsed as an increasingly essential component of
electronic commerce. The research described herein includes the
proposal and analysis of a simple economic model which captures
some of the essence of shopbots, in an attempt to shed light on
their potential impact on markets. Moreover, a variety of
adaptive, price-setting algorithms are simulated which
agent-based firms might utilize in attempt to maximize profits in
the face of a growing community of shopbots. This study forms
part of a larger research program that aims to provide new
insights on the impact of agent and information technology on the
nascent information economy.
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