Dynamic pricing in a reputation brokered agent mediated knowledge marketplace

We study the microeconomic effects in a reputation brokered agent mediated knowledge marketplace, when we introduce dynamic pricing algorithms. We study the market with computer simulations of multiagent interactions. In this marketplace, the seller reputations are updated in a collaborative fashion based on the performance of the user in the delegated tasks. We investigate the different equilibria reached, based on the level of intelligence of the selling agents, the level of price-importance elasticity of the buying agents and the level of unemployment in the marketplace. In this agent mediated knowledge marketplace, buying agents try to maximize their owners' utilities based on the expected performance of the sellers (represented by their reputations) and the demanded compensations. Buyers configure their agents with their budget and time constraints and the importance of the specific task. The buying agents reveal only their time constraints and the descriptions of the tasks.