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An agent-based model of consumer choice. An evaluation of the strategy of pricing and advertising

100%
KOT M.
Operations Research and Decisions
|
2022
|
vol. 32
|
issue 1
73-95
EN
The authors develop an agent-based model of the market where firms and consumers exchange products. Consumers in the model are heterogeneous in terms of features, such as risk-aversion or owned assets, which impact their individual decisions. Consumers constantly learn about products’ features through personal experience, word-of-mouth, or advertising, update their expectations and share their opinions with others. From the supply-side of the model, firms can influence consumers with two marketing tools: advertising and pricing policy. Series of experiments have been conducted with the model to investigate the relationship between advertising and pricing and to understand the underlying mechanism. Marketing strategies have been evaluated in terms of generated profit and recommendations have been formulated.
2
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Macroprudential Banking Regulation: Does One Size Fit All?

88%
Neuberger D., Rissi R.
Journal of Banking and Financial Economics
|
2014
|
issue 1(1)
5-28
EN
The macroprudential regulatory framework of Basel III imposes the same minimum capital and liquidity requirements on all banks around the world to ensure global competitiveness of banks. Using an agent-based model of the financial system, we find that this is not a robust framework to achieve (inter)national financial stability, because efficient regulation has to embrace the economic structure and behaviour of financial market participants, which differ from country to country. Market-based financial systems do not profit from capital and liquidity regulations, but from a ban on proprietary trading (Volcker rule). In homogeneous or bank-based financial systems, the most effective regulatory policy to ensure financial stability depends on the stability measure used. Irrespective of financial system architecture, direct restrictions of banks’ investment portfolios are more effective than indirect restrictions through capital, leverage and liquidity regulations. Applying the model to the Swiss financial system, we find that increasing regulatory complexity excessively has destabilizing effects.These results highlight for the first time a necessary change in the regulatory paradigm to ensure the effectiveness and efficiency of financial regulations with regards to fostering the resilience of the financial system.
3

Złożoność organiczna jako nowe ujęcie złożoności systemów ekonomicznych

63%
Wołoszyn P.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2014
|
issue 4(928)
143-157
PL
Systemy ekonomiczne i społeczne należą do szerokiej klasy systemów złożonych stanowiących przedmiot zainteresowania licznych dziedzin nauki. Istnieje wiele ujęć złożoności takich systemów różniących się sposobem definiowania i objaśniania źródeł skomplikowanych zachowań. Ponieważ złożoność jest jednak zjawiskiem powszechnym i w przyrodzie, wydaje się uzasadnione poszukiwanie pewnego uniwersalnego wzorca powtarzalnego we wszystkich rodzajach systemów złożonych. W artykule przedstawiono nową koncepcję złożoności organicznej rozumianej jako zespół trzech atrybutów: asymetrii, mnogości i interaktywności elementów systemu. System posiadający te cechy będzie dysponować zdolnością wytwarzania złożonych struktur lub zachowań. Prezentowane podejście może być przydatne w tworzeniu modeli ekonomicznych i społecznych systemów złożonych.
EN
Economic and social systems belong to a wide class of complex systems, the subject of research in many areas of science. There are many approaches to the complexity of such systems, which differ in how they define and explain the sources of complex behaviour. As complexity is widespread in nature, it seems legitimate to seek a universal pattern repeated in all kinds of complex systems. This article presents a new concept of organic complexity, understood as a set of three attributes: asymmetry, multiplicity and interactivity of a system’s components. Systems with these characteristics will have the ability to develop complex structures or behaviours. The organic complexity approach can be useful in building models of complex economic and social systems.
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