Negotiation strategy for mobile agent-based e-negotiation

Negotiation is a vital component of electronic trading. It is the key decision-making approach used to reach consensus between trading partners. Generally, the trading partners implement various negotiation strategies in an attempt to maximize their utilities. As negotiation strategies have impact on the outcomes of negotiation, it is imperative to have efficient negotiation strategies that truly maximize clients’ utilities. In this paper, we propose a multi-attribute mobile agent-based negotiation strategy that maximizes client’s utility. The strategy focuses on one-to-many bilateral negotiation. It considers different factors that have significant effect on the scheduling of various negotiation phases: offer collection, evaluation, negotiation, and bid settlement. The factors include offers expiry time, market search space, communication delays, processing queues, and transportation times. We reasoned about the correctness of the proposed negotiation strategy with respect to the existing negotiation strategies. The analysis showed that the proposed strategy boosts client’s utility, shortens negotiation time, and ensures adequate market search.