Difference between revisions of "Milestone 3 TuringMachine PowerIdea 2: Fair Price Mechanism"
(→Auction for fair Pricing)
|Line 1:||Line 1:|
Latest revision as of 06:37, 12 July 2015
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