Title

Agent-Based Modeling Of A Price Information Trading Business

Abstract

We describe an agent-based simulation of a fictional (but feasible) information trading business. The Gas Price Information Trader (GPIT) buys information about real-time gas prices in a metropolitan area from drivers and resells the information to drivers who need to refuel their vehicles. Our simulation uses real world geographic data, lifestyle-dependent driving patterns and vehicle models to create an agent-based model of the drivers. We use real world statistics of gas price fluctuation to create scenarios of temporal and spatial distribution of gas prices. The price of the information is determined on a case-by-case basis through a simple negotiation model. The trader and the customers are adapting their negotiation strategies based on their historical profits. We are interested in the general properties of the emerging information market: the amount of realizable profit and its distribution between the trader and customers, the business strategies necessary to keep the market operational (such as promotional deals), the price elasticity of demand and the impact of pricing strategies on the profit. © 2012 Springer-Verlag London Limited.

Publication Date

12-1-2012

Publication Title

Computer and Information Sciences II - 26th International Symposium on Computer and Information Sciences, ISCIS 2011

Number of Pages

361-367

Document Type

Article; Proceedings Paper

Personal Identifier

scopus

DOI Link

https://doi.org/10.1007/978-1-4471-2155-8-46

Socpus ID

84887851007 (Scopus)

Source API URL

https://api.elsevier.com/content/abstract/scopus_id/84887851007

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