Huang, C;
Cattani, F;
Piccione, PM;
Galvanin, F;
(2018)
Traveling Traders' Exchange Problem: Stochastic Modeling Framework and Two-Layer Model Identification Strategy.
Industrial and Engineering Chemistry Research
, 57
(30)
pp. 10011-10025.
10.1021/acs.iecr.8b00338.
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Abstract
The Travelling Traders’ Exchange Problem (TTEP) is formalised, aiming at studying the collision-exchange systems found in various research areas. As an example of the TTEP models, a 1-D model is developed and characterised in detail. The computational stochastic simulation of the 1-D TTEP model relies on a stochastic simulation algorithm implemented based on the Monte Carlo method. A model identification framework is proposed where the money distribution in the system obtained from the stochastic model is characterised in terms of (a) standard deviation of the money redistribution; (b) its probability density function. Results indicate that the expressions of the estimated functions for (a) and (b) are tightly related to the system input conditions. The example of curve fitting on the probability density function shows how the variation of money redistribution in the system in time is driven by different values of the parameters describing the interaction mechanism.
| Type: | Article |
|---|---|
| Title: | Traveling Traders' Exchange Problem: Stochastic Modeling Framework and Two-Layer Model Identification Strategy |
| Open access status: | An open access version is available from UCL Discovery |
| DOI: | 10.1021/acs.iecr.8b00338 |
| Publisher version: | https://doi.org/10.1021/acs.iecr.8b00338 |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Travelling traders’ exchange problem; collision-exchange system; Monte Carlo method; stochastic simulation |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Chemical Engineering |
| URI: | https://discovery.ucl.ac.uk/id/eprint/10047977 |
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