—Xu Yang, San Jose State University
—Sunderesh S. Heragu, Oklahoma State University
—Gerald W. Evans, University of Louisville
Business analytics has been widely used to assist business decision making. In today’s competitive business environment, many companies face important decisions regarding choosing their suppliers and carriers. In this chapter, we apply an agent-based simulation approach combined with an auction mechanism to address this problem. We set the initial condition of the simulation model as the optimal solution given by an optimization model and incorporate any dynamic changes occurring in the actual execution. By introducing three parameters in ...