Leveled-Commitment Contracting: A Backtracking Instrument for Multiagent Systems

@article{Sandholm2002LeveledCommitmentCA,
  title={Leveled-Commitment Contracting: A Backtracking Instrument for Multiagent Systems},
  author={Tuomas Sandholm and Victor R. Lesser},
  journal={AI Magazine},
  year={2002},
  volume={23},
  pages={89-100}
}
In (automated) negotiation systems for self-interested agents, contracts have traditionally been binding. They do not accommodate future events. Contingency contracts address this but are often impractical. As an alternative, we propose leveled-commitment contracts. The level of commitment is set by decommitting penalties. To be freed from the contract, an agent simply pays its penalty to the other contract party(ies). A self-interested agent will be ruluctant to decommit because some other… CONTINUE READING