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Management decision support using long-term market simulation
Czernohous, Clemens
;
Fichtner, Wolf
;
Veit, Daniel J.
;
Weinhardt, Christof
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Document Type:
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Article
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Year of publication:
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2003
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The title of a journal, publication series:
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Information Systems and e-Business Management : ISeB
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Volume:
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1
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Issue number:
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4
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Page range:
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405-423
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Place of publication:
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Berlin [u.a.]
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Publishing house:
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Springer
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ISSN:
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1617-9846 , 1617-9854
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Publication language:
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English
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Institution:
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Business School > Dieter-Schwarz-Stiftungslehrstuhl für ABWL, E-Business u. E-Government (Veit 2006-2013)
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Subject:
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330 Economics
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Keywords (English):
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Agent-based Computational Economics , ACE , Liberalized electricity markets , Multi agent-based simulation , Investment decision , E-Business
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Abstract:
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In recent years Agent-based Computational Economics (ACE) has
become an increasingly important method in market simulation. After
liberalization of many former governmental owned or controlled industries
the used operations research models are not longer sufficient to simulate
market behavior due to individual action and increasing competition. Agent-
based simulation appears to be an alternative approach considering also
individual behavior and competition. Some short-term simulation
approaches have shown promising results for the simulation in the domain
of electricity markets. Picking up the desire for a long-term oriented
simulation, this paper presents a basic agent-based model considering the
investment decision within long-term planning of electricity markets.
Additionally, regulatory agents are introduced as a third side in the market
simulation to represent governmental decisions. This results in the definition
of three types of agents representing electricity generating companies,
consumers and governmental instances.
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 | Dieser Datensatz wurde nicht während einer Tätigkeit an der Universität Mannheim veröffentlicht, dies ist eine Externe Publikation. |
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