Using fuzzy set approach in multi-attribute automated auctions

This paper designs a novel fuzzy attributes and competition based bidding strategy (FAC-Bid), in which the final best bid is calculated on the basis of the assessment of multiple attributes of the goods and the competition for the goods in the market. The assessment of attributes adapts the fuzzy sets technique to handle uncertainty of the bidding process. The bidding strategy also uses and determines competition in the market (based on the two factors i.e. no. of the bidders participating and the total time elapsed for an auction) using Mamdani's Direct Method. Then the final price of the best bid will be determined based on the assessed attributes and the competition in the market using fuzzy reasoning technique