Real-time spectrum secondary markets: Agent-based model of investment activities of heterogeneous operators

In recent years, there is increasing demand for frequency spectrum due to emerging new multimedia applications or concept of the Internet of Things. Nowadays, a strongly discussed topic is the concept of Dynamic Spectrum Access (DSA). It is able to increase efficiency of the licensed parts of the frequency spectrum that are not sufficiently utilized. This paper is devoted to the techno-economical aspects of the DSA in the cognitive radio networks with an emphasis on spectrum trading process. The approach of open access network allows to consider leasing of frequency spectrum by operators as a risky investment opportunity. Our motivation is to investigate impact of interest rate on operators' investment decisions in the spectrum market. The agent-based model was constructed to simulate functioning of the spectrum market. In general, investors are characterized by risk-aversion, which degree changes with respect to wealth. The composition of operators' portfolios is influenced by heterogeneity in sense of different budget constraints. The numerical results of simulations show significant impact of these parameters on behavior of market participants.

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