On Trading Price Microeconomic Estimation in Monte Carlo Simulation

Kód výsledku v IS VaVaI

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Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

On Trading Price Microeconomic Estimation in Monte Carlo Simulation

Popis výsledku v původním jazyce

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

Název v anglickém jazyce

On Trading Price Microeconomic Estimation in Monte Carlo Simulation

Popis výsledku anglicky

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

Druh

D - Stať ve sborníku

CEP obor

IN - Informatika

OECD FORD obor

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Projekt

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Návaznosti

O - Projekt operacniho programu

Rok uplatnění

2014

Kód důvěrnosti údajů

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

Název statě ve sborníku

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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Počet stran výsledku

6

Strana od-do

944-949

Název nakladatele

Palacký University in Olomouc, Faculty of Science

Místo vydání

Olomouc

Místo konání akce

Olomouc

Datum konání akce

10. 9. 2014

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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