Part of the future of market design (as artificial intelligence evolves from large language models to something more like general AI) will involve not only the design of marketplace rules, but also design of the marketplace participants. So a good way to get some sense of that future is to look at parts of it that have already arrived. And there are lots of algorithms already at work participating in high frequency markets. Here's a paper surveying automated bidding on ad auctions, by a big group of authors at Google.
Auto-bidding and Auctions in Online Advertising: A Survey by Gagan Aggarwal, Ashwinkumar Badanidiyuru, Santiago R. Balseiro, Kshipra Bhawalkar, Yuan Deng, Zhe Feng, Gagan Goel, Christopher Liaw, Haihao Lu, Mohammad Mahdian, Jieming Mao, Aranyak Mehta, Vahab Mirrokni, Renato Paes Leme, Andres Perlroth, Georgios Piliouras, Jon Schneider, Ariel Schvartzman, Balasubramanian Sivan, Kelly Spendlove, Yifeng Teng, Di Wang, Hanrui Zhang, Mingfei Zhao, Wennan Zhu, and Song Zuo
Abstract: In this survey, we summarize recent developments in research fueled by the growing adoption of automated bidding strategies in online advertising. We explore the challenges and opportunities that have arisen as markets embrace this autobidding and cover a range of topics in this area, including bidding algorithms, equilibrium analysis and efficiency of common auction formats, and optimal auction design
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