Model of multi-agent interaction between financial service providers and consumers

Oleg Malafeyev, Irina Zaitseva, Vladimir Shkrabak, Roman Shkrabak, Vladislav Onishenko

Research output: Chapter in Book/Report/Conference proceedingConference contributionResearchpeer-review

Abstract

Digital retail payments have evolved during the last years mostly due to technology innovations. New actors enter the payments market, increase competition and threaten banks' dominance. Consumers' behavior is critical within this context, since they are the ones that 1 finally adopt or reject a payment innovation. In this paper we propose a model of consumer behavior towards payment system selection based on multi-agent simulation. It is based on a multi-agent platform that models' consumers as intelligent agents and formats their behavior according to the rules extracted from past payments data, experts' knowledge and marketing research. Contributions from the social science and network economics also refine the agent's behavior in order to simulate accurately the domain. This paper presents the overall model and an initial analysis of payments domain, defining major actors in the domain and their interpretation to agents.

Original languageEnglish
Title of host publicationInternational Conference on Numerical Analysis and Applied Mathematics, ICNAAM 2019
EditorsTheodore E. Simos, Charalambos Tsitouras
PublisherAmerican Institute of Physics
ISBN (Electronic)9780735440258
DOIs
StatePublished - 24 Nov 2020
EventInternational Conference on Numerical Analysis and Applied Mathematics 2019, ICNAAM 2019 - Rhodes, Greece
Duration: 23 Sep 201928 Sep 2019

Publication series

NameAIP Conference Proceedings
Volume2293
ISSN (Print)0094-243X
ISSN (Electronic)1551-7616

Conference

ConferenceInternational Conference on Numerical Analysis and Applied Mathematics 2019, ICNAAM 2019
CountryGreece
CityRhodes
Period23/09/1928/09/19

Scopus subject areas

  • Physics and Astronomy(all)

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