NDLI: A time-dependent agent-based model of an eco-product market with social interactions and dynamic game pricing schemes

Content Provider	IEEE Xplore Digital Library
Author	Thommes, E.W. Thille, H. Cojocaru, M. Nelson, D.
Copyright Year	2009
Description	Author affiliation: Department of Mathematics & Statistics, University of Guelph, ON N1G 2W1, Canada (Cojocaru, M.; Nelson, D.) \|\| Department of Economics, University of Guelph, ON N1G 2W1, Canada (Thille, H.) \|\| Department of Physics, University of Guelph, ON N1G 2W1, Canada (Thommes, E.W.)
Abstract	We present an agent-based model of an eco-product market from a system design perspective. The aim of our work is to investigate practicable ways in which such a market can be made to emerge and develop. The model takes an existing static formulation of a differentiated products market and generalizes it to include social interactions among different consumer classes, as well as time evolution over a finite horizon. In particular, we examine how an existing market changes in response to various influences, such as new (eco-) products becoming available. Social interactions play an important role in these changes. The analysis of the model is conducted considering multiple “personality” types of consumers, ranging from early to reluctunct adopters of the new product. The simulations show various consumer distribution outcomes over the product space and give insight as to how consumer demands for the environmentally friendly products can be influenced/increased over time. We also consider a dynamic game analysis perspective for pricing schemes of eco-products on markets simulated as above.
Starting Page	218
Ending Page	221
File Size	590930
Page Count	4
File Format	PDF
ISBN	9781424438778
DOI	10.1109/TIC-STH.2009.5444501
Language	English
Publisher	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Publisher Date	2009-09-26
Publisher Place	Canada
Access Restriction	Subscribed
Rights Holder	Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subject Keyword	Analytical models Consumer behavior Social network services Psychology Pricing Mathematics Mathematical model Environmental economics Statistics Physics
Content Type	Text
Resource Type	Article

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