It has become the default in markets such as ad auctions for participants to bid in an auction through automated bidding agents (autobidders) which adjust bids over time to satisfy return-over-spend constraints. Despite the prominence of such systems for the internet economy, their resulting dynamical behavior is still not well understood. Although one might hope that such relatively simple systems would typically converge to the equilibria of their underlying auctions, we provide a plethora of results that show the emergence of complex behavior, such as bi-stability, periodic orbits and quasi periodicity. We empirically observe how the market structure (expressed as motifs) qualitatively affects the behavior of the dynamics. We complement it with theoretical results showing that autobidding systems can simulate both linear dynamical systems as well logical boolean gates.

翻译：在广告拍卖等市场中，参与者通过自动竞价代理（自动竞价器）进行出价已成为默认方式，这些代理随时间调整出价以满足支出回报率约束。尽管此类系统在互联网经济中占据重要地位，但其产生的动力学行为仍未得到充分理解。尽管人们可能期望这类相对简单的系统通常会收敛至其底层拍卖的均衡状态，但我们提供了大量结果，表明复杂行为的出现，例如双稳态、周期轨道和准周期性。我们通过实证观察市场结构（以网络模体表示）如何定性影响动力学行为。我们进一步用理论结果补充说明，表明自动竞价系统既能模拟线性动力系统，也能模拟逻辑布尔门电路。