New Economics Papers
on Computational Economics
Issue of 2008‒12‒14
four papers chosen by

  1. Price Competition with Particle Swarm Optimization: An Agent-Based Artificial Model By Zhang, Tong; Brorsen, B. Wade
  2. Simulation of Alternative Marketing Strategies for U.S. Cotton By Elrod, Christopher P.; Robinson, John R.C.; Richardson, James W.
  3. A Note on the Accuracy of Extended-Path Solution Methods for Dynamic General Equilibrium Economies. By David R.F. Love
  4. Flexible Decision Support in Dynamic Interorganizational Networks By Collins, J.; Ketter, W.; Gini, M.

  1. By: Zhang, Tong; Brorsen, B. Wade
    Abstract: This study instructs an artificial price competition market to examine the impact of capacity constraints on the behavior of packers. Results show when there are cattle left for the lowest bidder after all other packers finishing their procurement, the capacity constraints make the price lower than the perfect competition level.
    Keywords: fed cattle market, agent-based model, particle swarm optimization, oligopsony, Livestock Production/Industries, Research Methods/ Statistical Methods, D43,
    Date: 2008
  2. By: Elrod, Christopher P.; Robinson, John R.C.; Richardson, James W.
    Abstract: Three marketing strategies (selling a put option, cash sale at harvest, and cash sale in June) are simulated based on historical values and ranked based on certainty equivalents for a representative irrigated and dryland cotton farm Scenario analysis is also used to compare varying yield values.
    Keywords: Simulation, Marketing, Cotton, Risk, Marketing, Research Methods/ Statistical Methods,
    Date: 2008
  3. By: David R.F. Love (Department of Economics, Brock University)
    Abstract: We show that the deterministic Extended-Path (EP) method of Fair and Taylor (1983) solves standard dynamic stochastic general equilibrium models with similar accuracy to the best results reported in the literature for alternative methods. The EP method demands more computer time than other methods but has offsetting benefits in terms of simplicity and generality that make it an attractive choice.
    Keywords: Dynamic stochastic equilibrium, computational methods, non-linear solutions
    JEL: E10 E30 E37
    Date: 2008–04
  4. By: Collins, J.; Ketter, W.; Gini, M. (Erasmus Research Institute of Management (ERIM), RSM Erasmus University)
    Abstract: We present the design of a service oriented architecture which facilitates flexible managerial decision making in dynamic business networks. We have implemented and tested this architecture in the MinneTAC trading agent, which is designed to compete in the Trading Agent Competition for Supply Chain Management (Collins et al., 2005). Our design enables managers to decompose decision behaviors into separate, configurable components, and allows dynamic construction of analysis and modeling tools from small, single-purpose “evaluator†services. The result of our design is that the network can easily be configured to test a new theory and analyze the impact of various approaches to elements of the agent’s decision processes, such as procurement, sales, production, and inventory management. Additionally we describe visualizers that allow managers to see and manipulate the configuration of the network, and to construct economic dashboards that can display the current and historical state of any node in the network.
    Keywords: intelligent agents;decision support systems;business networks;human-agent interaction;service composition
    Date: 2008–12–05

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NEP’s infrastructure is sponsored by the School of Economics and Finance of Massey University in New Zealand.