A Framework for Online Reverse Auction Based on Market Maker Learning with a Risk-Averse Buyer

Table 3

Pseudocode of the simulation process.

Step	Implementation
1	Initialization
1.1	Number of iterations = I
1.2	Number of sellers = n
1.3	Improvement threshold =
1.4	S = 1
2	Do the steps 3–12 until S < I
3	Round(j) = 1
4	Generate n random bids
5	Compute the for each bid
6	Determine the highest and save it
7	Train a neural network for input and target
8
9	Solve seller problem and obtain n new bids
10	Compute the for each new bid
11	Determine the highest and save it
12	If go to 8 otherwise go to 13
13	End