Economics at your fingertips  

An agent-based model for sequential Dutch auctions

Eric Guerci (), Alan Kirman () and Sonia Moulet
Additional contact information
Sonia Moulet: GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - ECM - Ecole Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université - EHESS - École des hautes études en sciences sociales

Post-Print from HAL

Abstract: We propose an agent-based computational mode to investigate sequential Dutch auctions with particular emphasis on markets for perishable goods and we take as an example wholesale fish markets. Buyers in these markets sell the fish they purchase on a retail market. The paper provides an original model of boundedly rational behavior for wholesale buyers' behavior incorporating inter-temporal profit maximization, conjectures on opponents' behavior and fictive learning. We analyse the dynamics of the aggregate price under different market conditions in order to explain the emergence of market price patterns such as the well-known declining price paradox. The proposed behavioral model provides alternative explanations for market price dynamics to those which depend on standard hypotheses such as diminishing marginal profits.

Keywords: multi-agent learning; fish markets; agent-based computational economics (search for similar items in EconPapers)
Date: 2013-12
Note: View the original document on HAL open archive server:
References: Add references at CitEc
Citations: Track citations by RSS feed

Published in R. Pasupathy, S.-H. Kim, A. Tolk, R. Hill, and M. E. Kuhl. Winter Simulation Conference 2013, Dec 2013, Washington, DC, United States. pp.1-12, 2013

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().

Page updated 2019-08-12
Handle: RePEc:hal:journl:halshs-00871095