A Process-Oriented Approach Towards Structured Market Modelling

Our approach to market modelling is based on analysis of the negotiation process execution tasks. We use this for extraction of the offer life cycle, which provides tasks to be modelled. Combined, these tasks constitute the process. In addition to the offer life cycle, the information flow in the market also needs to be modelled. For each task, we propose the use of components that can be concatenated to concrete market models, whereby each component encapsulates one or more functional parts forming the complete process. We arrive at a structured approach to market modelling that is reduced in complexity because of the fragmentation of the modelling tasks. This approach is promising as it raises the modelling task to a high level of abstraction freeing the modeller from the implementation details. By way of example, we demonstrate how this approach can be employed to complete market models by using appropriate components.

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