TY - GEN
T1 - Dynamic pricing mechanism for multi-agent based system of well scheduling
AU - Dewan, M. Ali Akber
AU - Lin, Fuhua
AU - Kinshuk,
N1 - Publisher Copyright:
© 2016 IEEE.
PY - 2016/11/28
Y1 - 2016/11/28
N2 - Well scheduling is a complex business process which includes the tasks of planning and execution of locating land, constructing, drilling, completing, and tie-in of a well. In our previous work, a multi-agent based framework was proposed to automate well scheduling, where a challenge was to automate the estimation of the price for the tasks that the oil and gas industries may pay and the service providers may accept while gaining economic efficiencies. In this paper, we propose a mechanism to automate this negotiation process. When a new well is added, a scheduling agent (SA) releases the tasks in bundles, and a set of service provider agents (SPAs) bid on the bundles to achieve them. For bundle creation, combinatorial auction is used by the SA, whereas for bid forecasting, a time-series analysis of the historical data is performed by the SPAs using auto regression. The results are discussed to ensure wide acceptance of this mechanism in well scheduling.
AB - Well scheduling is a complex business process which includes the tasks of planning and execution of locating land, constructing, drilling, completing, and tie-in of a well. In our previous work, a multi-agent based framework was proposed to automate well scheduling, where a challenge was to automate the estimation of the price for the tasks that the oil and gas industries may pay and the service providers may accept while gaining economic efficiencies. In this paper, we propose a mechanism to automate this negotiation process. When a new well is added, a scheduling agent (SA) releases the tasks in bundles, and a set of service provider agents (SPAs) bid on the bundles to achieve them. For bundle creation, combinatorial auction is used by the SA, whereas for bid forecasting, a time-series analysis of the historical data is performed by the SPAs using auto regression. The results are discussed to ensure wide acceptance of this mechanism in well scheduling.
KW - bid-forcasting
KW - bidding strategies
KW - combinatorial auctions
KW - e-marketplace
KW - multi-agent systems
KW - well scheduling
UR - http://www.scopus.com/inward/record.url?scp=85007235919&partnerID=8YFLogxK
U2 - 10.1109/ICIEV.2016.7760170
DO - 10.1109/ICIEV.2016.7760170
M3 - Published Conference contribution
AN - SCOPUS:85007235919
T3 - 2016 5th International Conference on Informatics, Electronics and Vision, ICIEV 2016
SP - 1104
EP - 1108
BT - 2016 5th International Conference on Informatics, Electronics and Vision, ICIEV 2016
T2 - 5th International Conference on Informatics, Electronics and Vision, ICIEV 2016
Y2 - 13 May 2016 through 14 May 2016
ER -