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Adaptation to Market Development Through Price Setting Strategies in Agent-Based Artificial Economic Model

  • Petr Tucnik
  • Petr Blecha
  • Jaroslav Kovarnik
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 10448)

Abstract

The paper is focused on the incorporation of costs in relation to the selection of the price setting strategies which, in general, represent crucial part of economic agents’ decision making. Study and research of efficient decision making related to the price setting are important especially in agent-based economic systems which are intended application area for obtained results. This paper provides detailed description of various cost types used in traditional economic analysis and an effort has been made to identify constant (i.e. stable) and/or dynamic factors, typically related to the volume of production) in the cost calculation. Simulation part supports provided discussion about these design questions of artificial economic models in several scenarios.

Keywords

Agent Cost calculation Virtual economy Agent-based economic model Price setting 

Notes

Acknowledgements

The Financial support of the Specific Research Project “Autonomous Socio-Economics Systems” of FIM UHK is gratefully acknowledged.

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Copyright information

© Springer International Publishing AG 2017

Authors and Affiliations

  1. 1.University of Hradec KraloveHradec KraloveCzech Republic

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