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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

IN - Informatika

OECD FORD obor

—

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2015

Kód důvěrnosti údajů

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

Název statě ve sborníku

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

ISBN

978-3-319-19727-2

ISSN

—

e-ISSN

—

Počet stran výsledku

10

Strana od-do

145-154

Název nakladatele

Springer International Publishing

Místo vydání

Heidelberg

Místo konání akce

Sorrento

Datum konání akce

17. 6. 2015

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000359295700012