Negotiating Complex Contracts

Mark Klein; Peyman Faratin; Hiroki Sayama; Yaneer Bar-Yam

doi:10.1023/A:1023068821218

Negotiating Complex Contracts

Mark Klein^*, Peyman Faratin, Hiroki Sayama, Yaneer Bar-Yam

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

165 Citations (Scopus)

Abstract

Work to date on computational models of negotiation has focused almost exclusively on defining contracts consisting of one or a few independent issues and tractable contract spaces. Many real-world contracts, by contrast, are much more complex, consisting of multiple inter-dependent issues and intractably large contract spaces. This paper describes a simulated annealing based approach appropriate for negotiating such complex contracts that achieves near optimal social welfares for negotiations with binary issue dependencies.

Original language	English
Pages (from-to)	111-125
Number of pages	15
Journal	Group Decision and Negotiation
Volume	12
Issue number	2
DOIs	https://doi.org/10.1023/A:1023068821218
Publication status	Published - 2003 Mar
Externally published	Yes

Keywords

Interdependent issues
Non-linear negotiation

ASJC Scopus subject areas

Decision Sciences(all)
Arts and Humanities (miscellaneous)
Social Sciences(all)
Strategy and Management
Management of Technology and Innovation

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10.1023/A:1023068821218

Cite this

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keywords = "Interdependent issues, Non-linear negotiation",

author = "Mark Klein and Peyman Faratin and Hiroki Sayama and Yaneer Bar-Yam",

note = "Funding Information: This work was supported by funding from the DARPA Control of Agent-Based Systems (CoABS) program, and the NSF Computation and Social Systems program.",

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AU - Sayama, Hiroki

AU - Bar-Yam, Yaneer

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N2 - Work to date on computational models of negotiation has focused almost exclusively on defining contracts consisting of one or a few independent issues and tractable contract spaces. Many real-world contracts, by contrast, are much more complex, consisting of multiple inter-dependent issues and intractably large contract spaces. This paper describes a simulated annealing based approach appropriate for negotiating such complex contracts that achieves near optimal social welfares for negotiations with binary issue dependencies.

AB - Work to date on computational models of negotiation has focused almost exclusively on defining contracts consisting of one or a few independent issues and tractable contract spaces. Many real-world contracts, by contrast, are much more complex, consisting of multiple inter-dependent issues and intractably large contract spaces. This paper describes a simulated annealing based approach appropriate for negotiating such complex contracts that achieves near optimal social welfares for negotiations with binary issue dependencies.

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KW - Non-linear negotiation

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Negotiating Complex Contracts

Abstract

Keywords

ASJC Scopus subject areas

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