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
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
IN - Informatics
OECD FORD branch
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Result continuities
Project
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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
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e-ISSN
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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