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Agent-based Versus Macroscopic Modeling of Competition and Business Processes in Economics

Authors:
Valentas Daniunas
Vygintas Gontis
Aleksejus Kononovicius

Keywords: agent-based modeling; stochastic modeling; competition models; business models.

Abstract:
Simulation serves as a third way of doing science, in contrast to both induction and deduction. The web based modeling may considerably facilitate the execution of simulations by other people. We present examples of agent-based and stochastic models of competition and business processes in economics. We start from as simple as possible models, which have microscopic, agent-based, versions and macroscopic treatment in behavior. Microscopic and macroscopic versions of herding model proposed by Kirman and Bass diffusion of new products are considered in this contribution as two basic ideas.

Pages: 84 to 88

Copyright: Copyright (c) IARIA, 2011

Publication date: June 19, 2011

Published in: conference

ISSN: 2308-4529

ISBN: 978-1-61208-139-7

Location: Luxembourg City, Luxembourg

Dates: from June 19, 2011 to June 24, 2011