Difference between revisions of "Milestone 3 TuringMachine PowerIdea 2: Fair Price Mechanism"

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(Auction for fair Pricing)
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==Author ==
Neil Gaikwad
==Design Goal==
==Design Goal==

Latest revision as of 05:37, 12 July 2015


Neil Gaikwad

Design Goal

Fair Pricing Mechanism

Auction for fair Pricing

  • Most of the times requestors controls the prices. However, reserve price will help establish minimum payment rule.
  • Furthermore, workers can participate in the second price auction, as shown in the digram below and provide true valuation for the task.
  • Automated algorithm can collect the price inputs i.e. bids from different workers and highest price the requester wants to pay for the task.
  • Then the algorithm can find trade off between bid price, requestors highest quote, and worker's past performance.
  • Worker's can challenge requestor's quote if they feel price is lower than quoted value