TY - GEN
T1 - An analysis for monopoly premium and consumer welfare in the gasoline market of China
T2 - 3rd International Conference on BioMedical Engineering and Informatics, BMEI 2010
AU - Cong, Ronggang
PY - 2010
Y1 - 2010
N2 - Since 1998, the pricing mechanism of China refined oil market has reformed four times. Market pricing will be the future trend. This paper uses the method of agent-based computational economics to construct a free gasoline market model. By simulations of the gasoline market at different levels of crude oil price, a quadratic equation which can describe the survival rate of consumers is obtained. Based on a dummy variable model, we find that when the decisions of consumers are constrained by their income, the margin impacts of crude oil price, income and rigid demand on consumer welfares become smaller.
AB - Since 1998, the pricing mechanism of China refined oil market has reformed four times. Market pricing will be the future trend. This paper uses the method of agent-based computational economics to construct a free gasoline market model. By simulations of the gasoline market at different levels of crude oil price, a quadratic equation which can describe the survival rate of consumers is obtained. Based on a dummy variable model, we find that when the decisions of consumers are constrained by their income, the margin impacts of crude oil price, income and rigid demand on consumer welfares become smaller.
KW - Belief learning
KW - Gasoline market
KW - Income constraints
KW - Rigid demand
KW - Simulations based on multi-agent
UR - http://www.scopus.com/inward/record.url?scp=78650631540&partnerID=8YFLogxK
U2 - 10.1109/BMEI.2010.5639632
DO - 10.1109/BMEI.2010.5639632
M3 - Conference contribution
AN - SCOPUS:78650631540
SN - 9781424464968
T3 - Proceedings - 2010 3rd International Conference on Biomedical Engineering and Informatics, BMEI 2010
SP - 2884
EP - 2892
BT - Proceedings - 2010 3rd International Conference on Biomedical Engineering and Informatics, BMEI 2010
Y2 - 16 October 2010 through 18 October 2010
ER -