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Simulating the daily gasoline price-setting behaviour of gas stations in Cincinnati by agent-based modeling

Zhou, Li
http://rave.ohiolink.edu/etdc/view?acc_num=ucin1258662185

Abstract Details

2009, MA, University of Cincinnati, Arts and Sciences : Geography.
In the retail gasoline market, gas stations as independent entities set gas prices according to a number of factors related to global and local economic conditions, especially those pertaining to oil and gasoline demand and supply. The behaviour which governs the daily gas price setting by the owner of gas stations is difficult to model by using conventional equation based and/or statistical models. Agent-based modelling, as a bottom-up approach, has been used to model the behaviour of many social phenomena, including the retail of gasoline. However, previous studies didn’t explicitly consider the competition among nearby gas stations, and therefore their estimated gas price deviated significantly to the real price. This paper presents aims to simulate the behaviour of gas station owners by integrating agent-based modelling and spatial competition models. The Norwood neighbourhood in Cincinnati, Ohio, consisting of 12 gas stations with the brand name of BP, Speedway, Marathon, Mobile, Shell and Kroger, was chosen to be our study area. Traffic volumes passing by gas stations are used as surrogate of potential customers in this simulation. This hybrid model was calibrated and validated with real data. The results suggest that the simulated behaviour is capable of generating realistic estimates for daily gasoline price changes for individual gas stations.
Lin Liu, PhD (Committee Chair)
Kevin Raleigh, PhD (Committee Member)
Changjoo Kim, PhD (Committee Member)
58 p.
Geography
agent-based model; spatial competition model; gas station; price-setting behaviour

Recommended Citations

Citations

  • Zhou, L. (2009). Simulating the daily gasoline price-setting behaviour of gas stations in Cincinnati by agent-based modeling [Master's thesis, University of Cincinnati]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1258662185

    APA Style (7th edition)

  • Zhou, Li. Simulating the daily gasoline price-setting behaviour of gas stations in Cincinnati by agent-based modeling. 2009. University of Cincinnati, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=ucin1258662185.

    MLA Style (8th edition)

  • Zhou, Li. "Simulating the daily gasoline price-setting behaviour of gas stations in Cincinnati by agent-based modeling." Master's thesis, University of Cincinnati, 2009. http://rave.ohiolink.edu/etdc/view?acc_num=ucin1258662185

    Chicago Manual of Style (17th edition)

ucin1258662185
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© 2009, all rights reserved.
This open access ETD is published by University of Cincinnati and OhioLINK.