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

Author

Listed:
  • 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.

Suggested Citation

  • Zhang, Tong & Brorsen, B. Wade, 2008. "Price Competition with Particle Swarm Optimization: An Agent-Based Artificial Model," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6780, Southern Agricultural Economics Association.
  • Handle: RePEc:ags:saeaed:6780
    as

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    File URL: http://purl.umn.edu/6780
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    References listed on IDEAS

    as
    1. Majerus, David W., 1988. "Price vs. quantity competition in oligopoly supergames," Economics Letters, Elsevier, vol. 27(3), pages 293-297.
    2. 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.
    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.
    4. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection

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