Financial services institutions often provide special introductory prices to new customers who sign up for their services such as credit cards, credit monitoring services and online stock trading. Despite their preval...
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Financial services institutions often provide special introductory prices to new customers who sign up for their services such as credit cards, credit monitoring services and online stock trading. Despite their prevalence, the decision to provide introductory prices to new customers entails challenges for decision makers. Providing small incentives may not perceptibly affect the adoption of the service while providing a large incentive leads to the loss of revenue and profits. As a result, the effectiveness of such activities on firm profitability remains largely unexplored. This study seeks to address this gap in the literature by exploring optimal introductory pricing of a financial service. Employing agent-basedsimulation experiments, we find that offering introductory discounts significantly increases a firm's net present value (NPV) of profits. Moreover, the findings suggest the amount of discount and the duration of time that a new customer receives the discount are critical factors in determining the NPV of profits. The research and managerial implications are discussed.
In this paper a computing model for Fire Emergency Response is discussed. The Fire Emergency Response (FER) is considered here as a complex heterogeneous system. The FER system is composed of Fire Incident, Fire Stati...
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ISBN:
(纸本)9789811007552;9789811007545
In this paper a computing model for Fire Emergency Response is discussed. The Fire Emergency Response (FER) is considered here as a complex heterogeneous system. The FER system is composed of Fire Incident, Fire Station, Fire Emergency Vehicle, and Road Network components. agent-basedmodeling (ABM) is used to model the properties and behavior of each of the components. To incorporate the spatial properties and spatial operations in relation to modeling the behavior of components Geographical Information System (GIS) is used. The simulation of the model will provide the results of dynamical behavior of components through interaction with other components. The FER system model is implemented in GAMA 1.5.1 a GIS and agentmodeling platform for simulation.
Purpose - This paper provides an overview of agent-based modeling and simulation (ABMS) and evaluates the questions that have been raised regarding the "assumptions and mechanisms used" by a well-cited paper...
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Purpose - This paper provides an overview of agent-based modeling and simulation (ABMS) and evaluates the questions that have been raised regarding the "assumptions and mechanisms used" by a well-cited paper that has used this methodology. Design/methodology/approach - This work provides a review of agent-basedsimulationmodeling and its capabilities to advance and test theory. The commentary then evaluates and addresses the raised questions and reservations. Findings - agent-basedmodeling offers unique capabilities that can be used to explore complex phenomena in business and marketing. Some of the raised reservations may be considered as directions for future research. However, the criticisms are for most part unsupported by existing research and do not undermine the contributions of the paper that is being discussed. Practical implications - Given its relative novelty, reservations regarding agent-basedsimulationmodeling are quite natural. Discussions like this one would bring together different points of view and lead to a better understanding of how using ABMS can benefit academia and industry. Originality/value - This commentary is part of an intellectual dialogue that seeks to provide different points of view about agent-basedsimulationmodeling using a specific paper as an example.
In recent years, agent-based modeling and simulation (ABMS) methods have attracted the people's attention in the field of management science and is becoming a important tool for solving complex problems. In this p...
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ISBN:
(纸本)9781479983759
In recent years, agent-based modeling and simulation (ABMS) methods have attracted the people's attention in the field of management science and is becoming a important tool for solving complex problems. In this paper, the Bayesian network is introduced to ABMS methods, and a multi-agent system of China's real estate market is proposed based on the Bayesian network with uncertain information, which has the abilities of online learning and effect describing for group behavior. China's real estate market ecology is simulated by the system. simulation results can accurately reproduce the operation of China's real estate market, so to prove the effectiveness of the model. Through simulating for related parameters, some valuable findings on operation rule of estate market are obtained. The model and method developed in the paper provide reference for studying China's real estate market rules.
Residential burglary has been one of the most active research topics in the study of crime. It is also one of the most common crime types and sometimes has a long-lasting impact on victims not only financially but als...
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ISBN:
(纸本)9781479986576
Residential burglary has been one of the most active research topics in the study of crime. It is also one of the most common crime types and sometimes has a long-lasting impact on victims not only financially but also psychologically. In order to understand residential burglary, many methods have been used such as analyses of crime data and national crime survey data, interviews with incarcerated burglars (and active ones), and developing models and simulations. Recently agent-based modeling and simulation (ABMS) has widely become utilized to understand burglars' behaviours at an individual level. However, many studies have developed and simulated their burglar models and environments in two dimensions (2D). This paper presents realistic, three-dimensional (3D) models and simulations of a residential burglar and its virtual environment. By incorporating 3D aspects of the models and simulations, accurate micro-interactions between the burglar and its environment can be simulated. The presented burglar model shows its target selection process based on wealth and layout cues. The benefits and limitations of the 3D ABMS approach are discussed. A few case studies show the validity of this approach and the possibility of its predictive and preventive use.
agent-based approach is especially applicable and useful in modeling and simulation of social and biological systems and mechanisms. In this paper a formal agent-based model of sexual selection mechanism is presented....
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ISBN:
(纸本)9783319197289
agent-based approach is especially applicable and useful in modeling and simulation of social and biological systems and mechanisms. In this paper a formal agent-based model of sexual selection mechanism is presented. The paper includes results of simulation experiments aimed at showing whether sexual selection can trigger speciation processes and maintain genetic population diversity. We show that in certain conditions sexual selection mechanism and co-evolution of sexes resulting from it, can lead to formation of new species.
Crowd stampedes and evacuation induced by panic caused by emergences often lead to fatalities as people are crushed, injured, trampled or even dead. Such phenomena may be triggered in life-threatening situations such ...
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ISBN:
(纸本)9783642024689
Crowd stampedes and evacuation induced by panic caused by emergences often lead to fatalities as people are crushed, injured, trampled or even dead. Such phenomena may be triggered in life-threatening situations such as fires, explosions in crowded buildings. Emergency evacuation simulation has recently attracted the interest of a rapidly increasing number of scientists. This paper presents an agent-based modeling and simulation using Repast software to construct crowd evacuations for emergency response from an area under a fire. Various types of agents and different attributes of agents are designed in contrast to traditional modeling. The attributes that govern the characteristics of the people are studied and tested by iterative simulations. simulations are also conducted to demonstrate the effect of various parameters of agents. Some interesting results were observed such as "faster is slower" and the ignorance of available exits. At last, simulation results suggest practical ways of minimizing the harmful consequences of such events and the existence of an optimal escape strategy.
An engineering change (EC) refers to a modification of products and components including purchased parts or even supplies after product design is finished and released to the market. While any company involved in prod...
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ISBN:
(纸本)9789898111852
An engineering change (EC) refers to a modification of products and components including purchased parts or even supplies after product design is finished and released to the market. While any company involved in product development would have to deal with engineering changes, the area of engineering change management hasn't received much attention from the research community. It is partly because of its complexity and lack of appropriate research tools. In this paper, we present preliminary research results of modeling the engineering change management (ECM) process using an agent-based modeling and simulation technique. The aim of the research reported in this paper is to study optimal strategies of resource allocation for a company when it is dealing with two kinds of ECs: "necessary ECs" and "initialized ECs." We discuss results from these simulation models to illustrate some insights of ECM, and present several research directions from these results.
The propagation of topology-aware peer-to-peer (P2P) worms in the Internet is a serious threat due to their ability to evade traditional detection mechanisms by means of avoiding revealing any abnormal behavior. Recen...
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The propagation of topology-aware peer-to-peer (P2P) worms in the Internet is a serious threat due to their ability to evade traditional detection mechanisms by means of avoiding revealing any abnormal behavior. Recent increase in the popularity and the usage of P2P systems and applications is exponentially increasing the risk of this threat. The existing models of P2P worms' propagation consider network topology as an important parameter affecting the propagation process. However, a drawback of these models is that they ignore the infection time lag (i.e. the time taken by worm to infect a host). In this paper, we extend the four-factor worm propagation model and propose timed four-factor model to consider both the network topology and the infection time lag. We have also developed an agent-basedsimulation model to conduct simulative experiments based on the proposed model. The results of our experiments show that the infection time lag has considerable impact on the attack performance of topology-aware P2P worms. The performance of different peer immunization strategies considering the launch time of immunization strategies and other effective parameters have also been investigated in this paper.
Space information system(SIS) is a typical complex system, which challenges traditional modeling methods. agentbasedmodeling and simulation(ABMS) can be an appropriate and effective approach tomodeling and simulation...
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Space information system(SIS) is a typical complex system, which challenges traditional modeling methods. agentbasedmodeling and simulation(ABMS) can be an appropriate and effective approach tomodeling and simulation of SIS. Firstly, the advantages and basic concepts of ABMS are introduced briefly. Secondly, the complexity of SIS is analyzed, and itis concluded that the complexity of SIS results from the diverse component entities and their relations. Thirdly, the entities involved in SIS are classified as three categories, and on the basis, the structure models of agents and object are built, including reactive agent, cognitive agent and environment object. Finally, an implementation plan of SIS simulation is put forward, and SIS simulation system software with basic functions is developed. And the foundation of further researches on modeling and simulation of SIS is laid.
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