This paper describes an application of multi-agent systems to economics. The issue we address in our work is the actual functionning of a distributed market in terms of information acquisition for agents. We show here possible links between individual information acquisition and global results in the fluidity of exchanges. A multi-agent model has been built on the basis of field observations an...

The purpose of this article is to investigate the impact that the introduction of a carbon price signal will have on wholesale electricity prices, carbon-pass-through rates and retail electricity rates in the states making up the Australian National Electricity Market (NEM). In order to assess this, we employ an agent based model of the NEM called the ANEM model which contains many of the salie...

We consider a manufacturer selling to a retailer with private demand forecast information arising dynamically over an infinite time horizon. We show that the manufacturer’s optimal dynamic long-term contract takes a simple form: in the first period, based on her private demand forecast, the retailer selects a wholesale price and pays an associated upfront fee, and, from then on, the two parties...

This article examines the feasibility of allowing private industries such as grocery stores, wholesale clubs, and community immunizers to partner with public health authorities for the mass distribution of vaccines or antibiotics. Retail grocery and wholesale stores already have experience with annual influenza vaccination and may be a resource in a public health emergency, including a bioterro...

Currently, Eurodollars and fed funds markets combined trade about $220 billion in funds daily, the vast majority of which with overnight tenor. In this paper, we document several features of these wholesale unsecured dollar funding markets. Using daily confidential data on wholesale unsecured borrowing and reserve balances, we show that foreign banks, which make up most of the trading volumes i...

We study the effects of credit risk in a supply chain where one retailer deals with competing risky suppliers who may default during their production lead-times. The suppliers, who compete for business with the retailer by establishing wholesale prices, are leaders in a Stackelberg game with the retailer. The retailer, facing uncertain future demand, chooses order quantities while weighing the ...

We consider a manufacturer selling to a retailer with private demand information arising dynamically over an infinite time horizon. Under a backlogging model, we show that the manufacturer’s optimal dynamic long-term contract takes a simple form: in the first period, based on her private demand forecast, the retailer selects a wholesale price and pays an associated upfront fee, and, from then o...

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Many critical goods and services in modern-day economies are produced and distributed through complex institutional arrangements. Agent-based computational economics (ACE) modeling tools are capable of handling this degree of complexity. In concrete support of this claim, this study presents an ACE test bed designed to permit the exploratory study of restructured U.S. wholesale power markets wi...

-The design of wholesale electricity markets through deregulation has focused almost exclusively on the development of competitive supply (generation). The demand side of the market has been virtually ignored. Mostly, this is due to the assumption that electricity demand is almost completely inelastic. As a result, deregulated wholesale markets universally fail to pass price signals down to the...