Agent-based models and industrial organization theory. A price-competition algorithm for agent-based models based on Game Theory

Sánchez-Cartas, Juan Manuel

doi:10.1186/s40294-018-0053-7

Cited by 11 publications

(6 citation statements)

References 14 publications

(13 reference statements)

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“…Given that the spatiotemporal patterns for infectious disease spreads are often captured though an ABM approach, our indicator can be useful for this example as well. However, it is noted that our proposed indicator would not be applicable to the ABMs whose simulated outcome may not reach to equilibrium [52]. Given that determining the proper number of simulation runs is not a simple task in the field of agent-based modeling [15], our work provides a useful way to choose the number of simulation runs.…”

Section: Discussionmentioning

confidence: 99%

Using Multiple Scale Space-Time Patterns to Determine the Number of Replicates and Burn-In Periods in Spatially Explicit Agent-Based Modeling of Vector-Borne Disease Transmission

Kang

Aldstadt

2021

IJGI

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(1) Background: The stochastic nature of agent-based models (ABMs) may be responsible for the variability of simulated outputs. Multiple simulation runs (i.e., replicates) need to be performed to have enough sample size for hypothesis testing and validating simulations. The simulation outputs in the early-stage of simulations from non-terminating ABMs may be underestimated (or overestimated). To avoid this initialization bias, the simulations need to be run for a burn-in period. This study proposes to use multiple scale space-time patterns to determine the number of required replicates and burn-in periods in spatially explicit ABMs, and develop an indicator for these purposes. (2) Methods: ABMs of vector-borne disease transmission were used as the case study. Particularly, we developed an index, D, which enables to take into consideration a successive coefficient of variance (CV) over replicates and simulation years. The comparison between the number of replicates and the burn-in periods determined by D and those chosen by CV was performed. (3) Results: When only a single pattern was used to determine the number of replicates and the burn-in periods, the results varied depending on the pattern. (4) Conclusions: As multiple scale space-time patterns were used for the purposes, the simulated outputs after the burn-in periods with a proper number of replicates would well reproduce multiple patterns of phenomena. The outputs may also be more useful for hypothesis testing and validation.

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Section: Discussionmentioning

confidence: 99%

Using Multiple Scale Space-Time Patterns to Determine the Number of Replicates and Burn-In Periods in Spatially Explicit Agent-Based Modeling of Vector-Borne Disease Transmission

Kang

Aldstadt

2021

IJGI

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“…To compute the demands, prices, and ESG levels, we use the algorithm proposed in [50]. The algorithm simulates a ta ˆtonnement process, where firms may increase, keep, or decrease their prices at each iteration by considering how those price changes affect consumer utilities (and demands).…”

Section: Plos Onementioning

confidence: 99%

A computational model of the competitive effects of ESG

Katsamakas

Sánchez-Cartas

2023

PLoS ONE

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Environmental and social initiatives within firms, commonly grouped under the ESG term, have attracted significant business interest. However, the mechanism that links ESG investment to firm performance is unclear. We develop a computational model that helps clarify the competitive effects of ESG. In our model, ESG investment attracts consumers, but it can have additional effects on companies, such as reducing production costs, increasing product value, or both. Computational experiments show that ESG intensifies competition when it has such additional effects in addition to attracting consumers. However, ESG can lead to a winner-take-all dynamic in which a firm with an initial advantage dominates the market. Moreover, firms can use strategic disclosure of information to reduce their ESG investments, softening competition. This research contributes to the ESG literature by explaining the strategic impact of firms’ ESG investments and the conditions under which firms can do well by doing good in a competitive setting.

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“…The authors pointed out the limitations of the conventional HRM method, which relied on analytical methods, and developed a model for analyzing the effects of alternate recruitment strategies, depending on workforce fluctuations, demographics, skill profile, loyalty, and costs. Sanchez-Cartas [51] developed an ABS model to understand the competition between companies, which affects the determination of prices in the market. The authors described the process of competition between companies based on the complex system theory, and implemented a simulation model based on game theory.…”

Section: Literature Reviewmentioning

confidence: 99%

Complexity and Dynamics in Construction Project Organizations

Son

2022

Sustainability

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Despite the significant influence of organizational elements on the performance of construction projects, these elements are regarded as fixed, or reflected in an implicit manner, in current project management techniques. This study investigated how the organizational dynamics formed within a project organization based on complexity theory are described, and how organizational factors affect project performance during a construction project. It also presented agent-based simulation (ABS) as a means to understand organizational dynamics in construction project organizations. The author found that manager optimism bias toward organizational factors leads to unrealistic project planning and execution, ultimately having negative effects on project performance, and that developing ABS could enhance the understanding of the organizational aspect in the construction management process. This study is significant, as it enhances the understanding of the organizational aspect of a construction project, and presents a new direction for reflecting the organizational aspect in the project management process.

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Agent-based models and industrial organization theory. A price-competition algorithm for agent-based models based on Game Theory

Cited by 11 publications

References 14 publications

Using Multiple Scale Space-Time Patterns to Determine the Number of Replicates and Burn-In Periods in Spatially Explicit Agent-Based Modeling of Vector-Borne Disease Transmission

Using Multiple Scale Space-Time Patterns to Determine the Number of Replicates and Burn-In Periods in Spatially Explicit Agent-Based Modeling of Vector-Borne Disease Transmission

A computational model of the competitive effects of ESG

Complexity and Dynamics in Construction Project Organizations

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