In this paper we use an agent-based modelling and simulation approach to model a queuing system with autonomous customers who routinely choose a facility for service. We propose a Cellular Automata model to represent the customers’ interactions and study how customers use their own experience and that of their neighbours in order to update their memory and decide what facility to join the next ...

When making financial decisions bank customers are confronted with two types of uncertainty: first, return on investments is uncertain and there is a risk of losing money. Second, customers cannot be certain about their financial advisor's true intentions. This might decrease customers' willingness to cooperate with advisors. However, the uncertainty management model and fairness heuristic theo...

Electronic commerce has grown rapidly in recent years. However, surveys of online customers continue to indicate that many remain unsatisfied with their online purchase experiences. Clearly, more research is needed to better understand what affects customers’ evaluations of their online experiences. Through a large dataset gathered from two online websites, this study investigates the importanc...

This paper proposes a stochastic framework for demand response (DR) aggregator to procure DR from customers and sell it to purchasers in the wholesale electricity market. The aggregator assigns fixed DR contracts with customers based on three different load reduction strategies. In the presented problem the uncertainty of market price is considered and the risk of aggregator participation is ma...

Dynamic pricing has becoming increasingly prevalent in many industries. One of the main advantages of dynamic pricing is that it helps mitigate the risk associated with demand uncertainty (see, for instance, Aviv and Pazgal 2008 and Cachon and Swinney 2011). In this paper, we show that dynamic pricing can play an important role in differentiating between customers over time even in the absence ...