International Journal of Simulation and Process Modelling, 2015
ABSTRACT The aim of the paper is to describe the seller-to-customer negotiation in the business p... more ABSTRACT The aim of the paper is to describe the seller-to-customer negotiation in the business processes (sales) of a virtual company. Based on it we propose an innovative approach to simulate, investigate and to predict some of the key performance indicators of a trading company. The methods used to implement the simulation framework in the form of multi-agent system come out of the agent-based modelling and simulation techniques. The framework should be a basic part of a management information system operating in the integration with real system of a company (e.g., ERP system). The paper firstly presents some of the existing theories about consumer behaviour and the types of factors influencing it. Secondly, it characterises multi-agent model of a virtual company, the agents participating in the seller-to-customer negotiation, and the production function. Finally, the simulation results and their validation are described. To conclude, the proposed approach with the use of seller-to-customer negotiation could properly contribute to better decision-making process of a company's management.
The aim of this paper is to study the influence of Tobin tax on the stability of financial market... more The aim of this paper is to study the influence of Tobin tax on the stability of financial market in the simulation. Particularly, risk analysis is introduced. The method, which is the core of this contribution, is agent-based modeling and simulation. This method is often used to study complex social systems. Agent-based model consists of a set of agents and a framework for simulating their decisions and interactions. In practice, each agent has only partial knowledge of other agents and each agent makes its own decisions based on the partial knowledge about other agents in the system. We used this approach to simulate the behavior of financial market participants trading with assets. For purposes of this paper, a multi-agent system will be implemented as a simulation framework in JADE development platform. The hypothesis of this research is that Tobin tax introduction will stabilize the financial market. The results obtained show its influence on the financial market firstly withou...
This paper deals with the agent-based simulation. The aim of the paper supported by the hypothesi... more This paper deals with the agent-based simulation. The aim of the paper supported by the hypothesis is to prove positive impact of Tobin tax introduction to-gether with the risk analysis on the stability of financial market. The core of the pa-per is the Java implementation of the multi-agent system being served as simulation framework. Multi-agent systems consist of a significant number of cooperating ele-ments, so called intelligent agents. A multi-agent financial market model and simu-lation is introduced. Intelligent agents follow technical and fundamental trading rules to determine their speculative investment positions. We consider direct interac-tions between speculators due to which they may decide to change their trading be-haviour. For instance, if a technical trader meets a fundamental trader and they real-ize that fundamental trading has been more profitable than technical trading in the recent past, the probability that the technical trader switches to fundamental tradin...
The aim of this paper is to investigate the impact of financial transaction tax (FTT) on the stab... more The aim of this paper is to investigate the impact of financial transaction tax (FTT) on the stability of financial market. The paper presents an agent-based financial market model and simulations, in which agents follow technical and fundamental trading rules to determine their speculative investment positions. The model developed by Westerhoff (2009) was chosen for the implementation and it was extended by FTT and arising transaction costs. As FTT may be defined variously, assets are understood as a tax object in this paper. The model includes direct interactions between speculators due to which they may decide to change their trading behaviour and deals with a technical and fundamental strategy of market participants. Results suggest that the modified model has a tendency to stabilize itself in a long-term if the fundamental trading rules overbear the technical trading method. This could be used, when the bubbles and the crashes occur in a financial market. Assets price would be ...
ABSTRACT The aim of the paper is to present an enhanced software simulation application based on ... more ABSTRACT The aim of the paper is to present an enhanced software simulation application based on a trading company control loop and to validate agents’ behavior from simulation experiments using simple Petri net, and social network analysis. The main purpose of the application is to improve existing decision support systems with the use of a simulation. The ERP system using the REA ontology approach is used as a measuring element in the application. The system has been developed in cooperation between Silesian University in Opava, School of Business Administration in Karvina, Czech Republic and REA technology Copenhagen, Denmark. After the prototype tests at the end of the year 2011, we presented it at the beginning of 2012 for the very first time. Firstly, the enhanced framework with several types of agents and negotiation possibilities is described. This is followed by the decision function explanation, which is the core of the price negotiation. Secondly, a brief look on the graphical user interface and main parts of MAREA simulation monitor is provided. Brief results of the model validation performed by means of ProM software are presented. To conclude, MAREA is a software application with simulation possibilities, which can be used to present trading behavior of a company for decision support.
Advances in Intelligent Systems and Computing, 2014
ABSTRACT The aim of this paper is to introduce microeconomic demand functions (Marshallian demand... more ABSTRACT The aim of this paper is to introduce microeconomic demand functions (Marshallian demand function and Cobb-Douglas utility function) in Java simulation experiments. The motivation is to use these function as a core element in a seller-to-customer price negotiation in an agent-based simulations. Furthermore, multi-agent model is proposed and implemented in Java to serve as a simulation framework to support the virtual company trading processes. The main background of this framework is to be integrated in management information systems as a decision support module. The paper firstly presents some of the existing principles about consumer behavior, agent-based modeling and simulation in the same area and demand function theory. Secondly, presents multi-agent model and demand functions negotiations. Lastly, depicts some of the simulation results in a trading processes throughout one year of selling commodities to consumers. The results obtained show that in some metrics the demand functions could be used to predict the trading results of a company.
Journal of Business Economics and Management, 2013
ABSTRACT We implement an agent-based simulation of financial market model. Agent-based simulation... more ABSTRACT We implement an agent-based simulation of financial market model. Agent-based simulations are used nowadays as an alternative to the traditional models, based on predetermined equilibrium state theory. Agent technology brings some kind of local intelligence and rational expectations to the decision support system of financial market participants. Agents follow technical and fundamental trading rules to determine their speculative investment positions. We consider direct interactions between speculators and they may decide to change their trading behaviour. If a technical trader meets a fundamental trader and they realize that fundamental trading has been more profitable than technical trading in recent past, the probability that the technical trader switches to the fundamental trading rules is relatively high. In particular the influence of transaction costs is studied in this paper. Transaction costs can be increased by the off-market regulation (for example in the form of taxes) on financial market stability, by overall volume of trade and other market characteristics. The paper shows a positive impact of suitable transaction costs on the financial market stability in the long run.
International Journal of Continuing Engineering Education and Life-Long Learning, 2014
ABSTRACT The aim of the paper is to propose an e-learning system architecture integrating knowled... more ABSTRACT The aim of the paper is to propose an e-learning system architecture integrating knowledge flows. Our motivation is to provide the user with some intelligent possibilities of the learning environment used. This could be fulfilled using knowledge management at the operational level. Knowledge management should be a fundamental objective of any educational institution, as learning is its core function and should be reflected in how the organisation operates. In the academia environment, knowledge management and e-learning represent a substantial tuple for distance form of education. For e-learning method, heterogeneous and distributed architecture is one of the most prominent features. In a learning environment, different kinds of information resources are shared. Its demands can be fulfilled by means of local intelligence using multi-agent systems. This paper presents a layered multi-agent architecture of e-learning system including basics of its implementation. Learning objects and learning objects repositories are used for facilitating intended learning outcomes, and can be extracted and reused in other learning environments. Agent structure, general framework and workflow were designed in order to simplify information and knowledge flows with the aim to keep system overhead as low as possible.
International Journal of Simulation and Process Modelling, 2015
ABSTRACT The aim of the paper is to describe the seller-to-customer negotiation in the business p... more ABSTRACT The aim of the paper is to describe the seller-to-customer negotiation in the business processes (sales) of a virtual company. Based on it we propose an innovative approach to simulate, investigate and to predict some of the key performance indicators of a trading company. The methods used to implement the simulation framework in the form of multi-agent system come out of the agent-based modelling and simulation techniques. The framework should be a basic part of a management information system operating in the integration with real system of a company (e.g., ERP system). The paper firstly presents some of the existing theories about consumer behaviour and the types of factors influencing it. Secondly, it characterises multi-agent model of a virtual company, the agents participating in the seller-to-customer negotiation, and the production function. Finally, the simulation results and their validation are described. To conclude, the proposed approach with the use of seller-to-customer negotiation could properly contribute to better decision-making process of a company's management.
The aim of this paper is to study the influence of Tobin tax on the stability of financial market... more The aim of this paper is to study the influence of Tobin tax on the stability of financial market in the simulation. Particularly, risk analysis is introduced. The method, which is the core of this contribution, is agent-based modeling and simulation. This method is often used to study complex social systems. Agent-based model consists of a set of agents and a framework for simulating their decisions and interactions. In practice, each agent has only partial knowledge of other agents and each agent makes its own decisions based on the partial knowledge about other agents in the system. We used this approach to simulate the behavior of financial market participants trading with assets. For purposes of this paper, a multi-agent system will be implemented as a simulation framework in JADE development platform. The hypothesis of this research is that Tobin tax introduction will stabilize the financial market. The results obtained show its influence on the financial market firstly withou...
This paper deals with the agent-based simulation. The aim of the paper supported by the hypothesi... more This paper deals with the agent-based simulation. The aim of the paper supported by the hypothesis is to prove positive impact of Tobin tax introduction to-gether with the risk analysis on the stability of financial market. The core of the pa-per is the Java implementation of the multi-agent system being served as simulation framework. Multi-agent systems consist of a significant number of cooperating ele-ments, so called intelligent agents. A multi-agent financial market model and simu-lation is introduced. Intelligent agents follow technical and fundamental trading rules to determine their speculative investment positions. We consider direct interac-tions between speculators due to which they may decide to change their trading be-haviour. For instance, if a technical trader meets a fundamental trader and they real-ize that fundamental trading has been more profitable than technical trading in the recent past, the probability that the technical trader switches to fundamental tradin...
The aim of this paper is to investigate the impact of financial transaction tax (FTT) on the stab... more The aim of this paper is to investigate the impact of financial transaction tax (FTT) on the stability of financial market. The paper presents an agent-based financial market model and simulations, in which agents follow technical and fundamental trading rules to determine their speculative investment positions. The model developed by Westerhoff (2009) was chosen for the implementation and it was extended by FTT and arising transaction costs. As FTT may be defined variously, assets are understood as a tax object in this paper. The model includes direct interactions between speculators due to which they may decide to change their trading behaviour and deals with a technical and fundamental strategy of market participants. Results suggest that the modified model has a tendency to stabilize itself in a long-term if the fundamental trading rules overbear the technical trading method. This could be used, when the bubbles and the crashes occur in a financial market. Assets price would be ...
ABSTRACT The aim of the paper is to present an enhanced software simulation application based on ... more ABSTRACT The aim of the paper is to present an enhanced software simulation application based on a trading company control loop and to validate agents’ behavior from simulation experiments using simple Petri net, and social network analysis. The main purpose of the application is to improve existing decision support systems with the use of a simulation. The ERP system using the REA ontology approach is used as a measuring element in the application. The system has been developed in cooperation between Silesian University in Opava, School of Business Administration in Karvina, Czech Republic and REA technology Copenhagen, Denmark. After the prototype tests at the end of the year 2011, we presented it at the beginning of 2012 for the very first time. Firstly, the enhanced framework with several types of agents and negotiation possibilities is described. This is followed by the decision function explanation, which is the core of the price negotiation. Secondly, a brief look on the graphical user interface and main parts of MAREA simulation monitor is provided. Brief results of the model validation performed by means of ProM software are presented. To conclude, MAREA is a software application with simulation possibilities, which can be used to present trading behavior of a company for decision support.
Advances in Intelligent Systems and Computing, 2014
ABSTRACT The aim of this paper is to introduce microeconomic demand functions (Marshallian demand... more ABSTRACT The aim of this paper is to introduce microeconomic demand functions (Marshallian demand function and Cobb-Douglas utility function) in Java simulation experiments. The motivation is to use these function as a core element in a seller-to-customer price negotiation in an agent-based simulations. Furthermore, multi-agent model is proposed and implemented in Java to serve as a simulation framework to support the virtual company trading processes. The main background of this framework is to be integrated in management information systems as a decision support module. The paper firstly presents some of the existing principles about consumer behavior, agent-based modeling and simulation in the same area and demand function theory. Secondly, presents multi-agent model and demand functions negotiations. Lastly, depicts some of the simulation results in a trading processes throughout one year of selling commodities to consumers. The results obtained show that in some metrics the demand functions could be used to predict the trading results of a company.
Journal of Business Economics and Management, 2013
ABSTRACT We implement an agent-based simulation of financial market model. Agent-based simulation... more ABSTRACT We implement an agent-based simulation of financial market model. Agent-based simulations are used nowadays as an alternative to the traditional models, based on predetermined equilibrium state theory. Agent technology brings some kind of local intelligence and rational expectations to the decision support system of financial market participants. Agents follow technical and fundamental trading rules to determine their speculative investment positions. We consider direct interactions between speculators and they may decide to change their trading behaviour. If a technical trader meets a fundamental trader and they realize that fundamental trading has been more profitable than technical trading in recent past, the probability that the technical trader switches to the fundamental trading rules is relatively high. In particular the influence of transaction costs is studied in this paper. Transaction costs can be increased by the off-market regulation (for example in the form of taxes) on financial market stability, by overall volume of trade and other market characteristics. The paper shows a positive impact of suitable transaction costs on the financial market stability in the long run.
International Journal of Continuing Engineering Education and Life-Long Learning, 2014
ABSTRACT The aim of the paper is to propose an e-learning system architecture integrating knowled... more ABSTRACT The aim of the paper is to propose an e-learning system architecture integrating knowledge flows. Our motivation is to provide the user with some intelligent possibilities of the learning environment used. This could be fulfilled using knowledge management at the operational level. Knowledge management should be a fundamental objective of any educational institution, as learning is its core function and should be reflected in how the organisation operates. In the academia environment, knowledge management and e-learning represent a substantial tuple for distance form of education. For e-learning method, heterogeneous and distributed architecture is one of the most prominent features. In a learning environment, different kinds of information resources are shared. Its demands can be fulfilled by means of local intelligence using multi-agent systems. This paper presents a layered multi-agent architecture of e-learning system including basics of its implementation. Learning objects and learning objects repositories are used for facilitating intended learning outcomes, and can be extracted and reused in other learning environments. Agent structure, general framework and workflow were designed in order to simplify information and knowledge flows with the aim to keep system overhead as low as possible.
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Papers by Roman Šperka