Simulations for Evaluating Electronic Markets — An Agent-Based Environment

The development of electronic markets is a challenging task. The Market Engineering (ME) approach suggests a structured development process. One critical point within electronic market development is the test and verification of the market regarding its design objectives. This paper introduces simulations as an appropriate method for the evaluation of electronic markets. It describes the Agent-based MArket Simulation Environment (AMASE) as one tool for market simulations and presents an example for agent-based market simulation.