Academic articles

The Impact of Human Decision Makers’ Individualities on The Wholesale Price Contract’s Efficiency: Simulating The Newsvendor Problem


Suppliers and retailers in the newsvendor setting need to submit their pricing and inventory decisions respectively, well before actual customer demand is realized. In the literature they have both been typically considered as perfectly rational optimizers, exclusively interested in their own respective benefits. Under the above set of conditions the wholesale price-only contract has long been analytically proven as inefficient.

Toward Simulation-Based Real-Time Decision-Support Systems for Emergency Departments


Emergency Departments (EDs) require advanced support systems for monitoring and controlling their processes: clinical, operational, and financial. A prerequisite for such a system is comprehensive operational information (e.g. queueing times, busy resources,…), reliably portraying and predicting ED status as it evolves in time. To this end, simulation comes to the rescue, through a two-step procedure that is hereby proposed for supporting real-time ED control.

Simulating The Effect on The Energy Efficiency of Smart Grid Technologies


The awareness of the greenhousegas effect and rising energy prices lead to initiatives to improve energy efficiency. These initiatives range from micro-generation, energy storage and efficient appliances to controllers with optimization objectives. Although these technologies are promising, their introduction may rise further questions. The implementation of such initiatives may have a severe impact on the electricity infrastructure. If several of these initiatives are introduced in a combined way, it is difficult to analyse their overall impact.

Real Options and System Dynamics Aproach To Model Value of Implementing a Project Specific Dispute Resolution Process in Construction Projects


This paper presents a methodology to study the effect of different resolution strategies on the value of the investment in a project-specific dispute resolution ladder (DRL) using option/real option theories from financial engineering, process centric modeling, and system dynamics methodology.

Hybrid Simulation and Optimization-Based Capacity Planner for Integrated Photovoltaic Generation with Storage Units


Unlike fossil-fueled generation, solar energy resources are geographically distributed and highly intermittent, which makes their direct control difficult and requires storage units. The goal of this research is to develop a flexible capacity planning tool, which will allow us to obtain a most economical mixture of capacities from solar generation as well as storage while meeting reliability requirements against fluctuating demand and weather conditions. The tool is based on hybrid (system dynamics and agent-based models) simulation and meta-heuristic optimization.

Agent-based Modeling and Simulation


Agent-based modeling and simulation (ABMS) is a new approach to modeling systems comprised of autonomous, interacting agents. Computational advances have made possible a growing number of agent-based models across a variety of application domains. Applications range from modeling agent behavior in the stock market, supply chains, and consumer markets, to predicting the spread of epidemics, mitigating the threat of bio-warfare, and understanding the factors that may be responsible for the fall of ancient civilizations.

How to Test Your Models More Effectively: Applying Agile and Automated Techniques to Simulation Testing


In the industrial engineering community, it’s a well-known adage that focusing on process can help achieve better results. In this second of a series of papers, we’ll focus on the process of simulation testing and outline how improving your testing process can lead to better results for your projects. We’ll consider model building as a software development exercise, and discuss how best practices from the broader software testing community can be applied for process improvement.

Autonomic Self-Optimization According to Business Objectives


Current IT related optimization efforts focus on optimizing IT level metrics such as response times, availability, etc. What the business requires is that such IT optimization be carried out so as to optimize business objectives. Such optimization is not a one-time effort as there may be significant changes, (e.g. server failures, sudden increase in the number of users) that may render any existing policy sub-optimal. Such optimization can be led in AnyLogic.