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.