• ISSN: 2301-3567
    • Frequency: Quarterly (2013-2014); Monthly (Since 2015)
    • DOI: 10.18178/JOEBM
    • Editor-in-Chief: Prof. Eunjin Hwang
    • Executive Editor: Ms Jessica C. Xiao
    • Abstracting/ Indexing: Engineering & Technology Library,  Electronic Journals Library, Ulrich's Periodicals Directory, MESLibrary, Google Scholar, Crossref, and ProQuest.
    • E-mail: joebm@ejournal.net
JOEBM 2017 Vol.5(1): 44-49 ISSN: 2301-3567
DOI: 10.18178/joebm.2017.5.1.483

Agent-Based Prototyping for Business Management: An Example Based on the Newsvendor Problem

David de la Fuente, Alberto Gómez, Borja Ponte, and José Costas
Abstract— Under the current (complex and dynamic) business scene, prototyping has become a key source of competitive advantages. Within these tools for modeling and simulation, agent-based techniques emerge as a powerful approach. This research aims to highlight its potential as a mechanism for supporting the decision-making processes in organizations. The application of agent-based modeling and simulation to this field is illustrated through the Freddie’s newsstand exercise. We first model and implement it under an agent-based architecture, and then we carry out several simulation runs to perform a sensitivity analysis and explore the problem. This simple example, based on the newsvendor problem, allows non-experts to understand the rationale behind this notion as well as to find out the advantages derived from it.

Index Terms— Agent-based modeling and simulation, business simulation, business management, decision-making.

David de la Fuente, Alberto Gómez and Borja Ponte are with the Polytechnic School of Engineering, Deparment of Business Administration, University of Oviedo, Gijón, 33204 Spain (e-mails: {david, albertogomez, ponteborja}@uniovi.es).
José Costas is with the Polytechnic Institute of Viana do Castelo, School of Business Sciences of Valença, Valença, 4930-678 Portugal (e-mail: josegual@esce.ipvc.pt).

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Cite: David de la Fuente, Alberto Gómez, Borja Ponte, and José Costas, " Agent-Based Prototyping for Business Management: An Example Based on the Newsvendor Problem," Journal of Economics, Business and Management vol. 5, no. 1, pp. 44-49, 2017.

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