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Price Competition with Particle Swarm Optimization: An Agent-Based Artificial Model

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  • 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.

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Bibliographic Info

Paper provided by Southern Agricultural Economics Association in its series 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas with number 6780.

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Date of creation: 2008
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Handle: RePEc:ags:saeaed:6780

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Related research

Keywords: fed cattle market; agent-based model; particle swarm optimization; oligopsony; Livestock Production/Industries; Research Methods/ Statistical Methods; D43;

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  1. Huck, Steffen & Normann, Hans-Theo & Oechssler, Jorg, 2004. "Two are few and four are many: number effects in experimental oligopolies," Journal of Economic Behavior & Organization, Elsevier, vol. 53(4), pages 435-446, April.
  2. Anderson, Kim B. & Mapp, Harry P., Jr., 1996. "Risk Management Programs In Extension," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July.
  3. Vriend, Nicolaas J., 2000. "An illustration of the essential difference between individual and social learning, and its consequences for computational analyses," Journal of Economic Dynamics and Control, Elsevier, vol. 24(1), pages 1-19, January.
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