The Long-Run and Short-Run Impact of Captive Supplies on the Spot Market Price: An Agent-Based Artificial Market

被引：17

作者：

Zhang, Tong ^{[1
]}

Brorsen, B. Wade ^{[2
]}

机构：

[1] SW Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Sichuan, Peoples R China

[2] Oklahoma State Univ, Dept Agr Econ, Stillwater, OK 74078 USA

来源：

AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS | 2010年 / 92卷 / 04期

关键词：

agent-based market; captive supplies; cattle; industrial organization; particle swarm optimization; C63; L13; Q13; GENETIC ALGORITHM; MODELS;

D O I：

10.1093/ajae/aaq033

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

An agent-based model is developed that matches the results of Xia and Sexton (2004) as well as our generalization of their model. We relax Xia and Sexton's assumption of no supply response by captive feeders, which reduces the price-depressing effect of captive supplies. Finally, the agent-based model is used to simulate packers choosing both captive supply quantities and spot market quantities. Packers in the relaxed agent-based model choose no captive supplies and thus reach the Cournot solution. The research narrows the gap between theoretical models and the empirical work on captive supplies that shows little effect on prices, but a gap remains.

引用

页码：1181 / 1194

页数：14

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