In B2B contract enactment, cooperation should be taken into account when modeling contractual commitments through obligations. We advocate a directed deadline obligation approach, taking inspiration on international legislation over trade procedures. Our proposal is based on authorizations granted in specific states of an obligation lifecycle model. Flexible deadlines provide an additional leve...

Discrete-event simulation, which has largely grown out of modelling manufacturing systems, has increasingly been applied in the service sector. The approach, however, is not always appropriate for modelling service operations. In particular, it cannot help with detailed decisions about the layout of service operations in which the customers are present such as retail outlets and airports. An ad...

Firms’ conjectures about demand are consequential in oligopoly games. Through agent-based modeling of consumers’ search for products, we can study the rationing of demand between capacity-constrained firms offering homogeneous products and explore the robustness of analytically solvable models’ results. After algorithmically formalizing short-run search behavior rather than assuming a long-run ...

....... ...................................................................................................... 8 Introduction........... ............................................................................................ 9 Literature Review................................................................................................. 14 Methodology ......................................

An agent-based model, incorporating a small set of primarily agent-based variables, was designed to explain private land-use decision making. Agents are landowners, who allocate their labor and land for different uses in regular time intervals. The goal is to understand what kind of spatial patterns emerge from different agent characteristics, and decision and learning mechanisms. Landscapes pr...

The objectives of this paper are to define and classify different types of errors and artefacts that can appear in the process of developing an agent-based model, and to propose activities aimed at avoiding them during the model construction and testing phases. To do this in a structured way, we review the main concepts of the process of developing such a model – establishing a general framewor...

An extensive finance literature has suggested that independent (outside) directors monitor firm management and thereby increase firm value. Monitoring by a firm’s independent directors is, however, costly and the level of board monitoring should be endogenously determined as a function of firm characteristics. We show that a negative relationship between board monitoring and uncertainty is a di...