On Trading Price Microeconomic Estimation in Monte Carlo Simulation

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F14%3A%230002599" target="_blank" >RIV/47813059:19520/14:#0002599 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
On Trading Price Microeconomic Estimation in Monte Carlo Simulation
Original language description
This paper presents an experimental analysis of trading price estimation. The main method used in this partial research is the Monte Carlo simulation. The content of the paper is related to a virtual company with trading processes. The subjects of the trade are sellers and customers applying certain negotiation strategy to gain a best price for the traded commodity. The core of the negotiation is the microeconomic price estimation. Marshallian demand function and Cobb-Douglas utility function are used to count different price values. The simulation experiments should be used to support the idea that with the extension of common management information systems using a simulation method, some perspective decision support systems could be created. Their aim is to exploit the simulation to predict some Key Performance Indicators of the companies (income, profit, costs, turnover, cash flow etc.). We introduce the formal model, simulation methodology, and we depict some of the simulation resu
Czech name
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Czech description
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Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
The 32th International Conference Mathematical Methods in Economics MME 2014
ISBN
978-80-244-4209-9
ISSN
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e-ISSN
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Number of pages
6
Pages from-to
944-949
Publisher name
Palacký University in Olomouc, Faculty of Science
Place of publication
Olomouc
Event location
Olomouc
Event date
Sep 10, 2014
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
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