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Economic Demand Functions in Simulation: Agent-Based Vs. Monte Carlo Approach

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F15%3A%230003558" target="_blank" >RIV/47813059:19520/15:#0003558 - isvavai.cz</a>

  • Result on the web

    <a href="http://dx.doi.org/10.1007/978-3-319-19728-9_12" target="_blank" >http://dx.doi.org/10.1007/978-3-319-19728-9_12</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1007/978-3-319-19728-9_12" target="_blank" >10.1007/978-3-319-19728-9_12</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Economic Demand Functions in Simulation: Agent-Based Vs. Monte Carlo Approach

  • Original language description

    The aim of this paper is to compare an agent-based and Monte Carlo simulation of microeconomic demand functions. Marshallian demand function and Cobb-Douglas utility function are used in simulation experiments. The overall idea is to use these function as a core element in a seller-to-customer price negotiation in a trading company. Furthermore, formal model of negotiation is proposed and im-plemented to support the trading processes. The paper firstly presents some of the principles of agent-based andMonte Carlo simulation techniques, and demand function theory. Secondly, we present a formal model of demand functions nego-tiations. Lastly, we depict some of the simulation results in trading processes throughout one year of selling commodities to theconsumers. The results ob-tained show that agent-based method is more suitable than Monte Carlo, and the demand functions could be used to predict the trading results of a company in some metrics.

  • Czech name

  • Czech description

Classification

  • Type

    D - Article in proceedings

  • CEP classification

    IN - Informatics

  • OECD FORD branch

Result continuities

  • Project

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2015

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Article name in the collection

    Smart Innovation, Systems and Technologies. Agent and Multi-Agent Systems: Technologies and Applications.

  • ISBN

    978-3-319-19727-2

  • ISSN

  • e-ISSN

  • Number of pages

    10

  • Pages from-to

    145-154

  • Publisher name

    Springer International Publishing

  • Place of publication

    Heidelberg

  • Event location

    Sorrento

  • Event date

    Jun 17, 2015

  • Type of event by nationality

    WRD - Celosvětová akce

  • UT code for WoS article

    000359295700012