Milestone 3 TuringMachine PowerIdea 2: Fair Price Mechanism
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