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Mathematics
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Business Games and Numeric Simulations in Economics and Management
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Business Games and Numeric Simulations in Economics and Management

A special issue of Mathematics (ISSN 2227-7390). This special issue belongs to the section "E5: Financial Mathematics".

Deadline for manuscript submissions: closed (31 July 2022) | Viewed by 22123

Special Issue Editors

Prof. Dr. Aleksandra Gawel

E-Mail Website
Guest Editor
Department of International Competitiveness, Poznan University of Economics and Business, 61875 Poznań, Poland
Interests: virtual strategic business games; modeling of entrepreneurship; entrepreneurial process; entrepreneurship education
Dr. Miloš S. Krstić

E-Mail Website
Guest Editor
Faculty of Sciences and Mathematics, University of Niš, Niš 18000, Serbia
Interests: rational choice theory; game theory; social choice theory; rational expectations theory
Prof. Dr. Katarzyna Mroczek-Dąbrowska

E-Mail Website
Guest Editor
Department of International Competitiveness, Poznan University of Economics and Business, 61875 Poznań, Poland
Interests: new institutional economy; transaction costs; models of internationalization

Special Issue Information

Dear Colleagues,

Business games and simulations are becoming increasingly popular in education and human resource management as they increase the level of engagement of those learners who are digital natives. However, the use of games and simulations is a multidisciplinary activity and requires facing several challenges of different natures. First of all, good business games and simulations should reflect real-world managerial relationships, raising the importance of their business modeling and setting up the optimization algorithms. Business games and simulations are often virtual games, which require the programming of a game engine and game scenarios, as well as testing and optimization. Business games and simulations have to combine real business world complexity with being playable. On the other hand, they are used in education and human resource management, which requires implementing them into the educational processes of teachers and game instructors in different managerial activities.

In understanding the complexity of the creation and implementation of business games and simulations, we suggest the following topics be covered (but not limited) by the papers:

  • Modeling business games and simulations with optimization algorithms;
  • Creating business games and simulations (game engines and game scenarios);
  • Optimization of parameters of business games and simulations;
  • Testing business games and simulations—from the idea, through alpha and beta versions, to the market launch
  • Scenarios of business games and simulations, and their optimization;
  • Typology of business games and simulations;
  • Typology of players;
  • Business games and simulations areas of use—education, recruitment, employee’s trainings from teacher and learner perspectives;
  • Business games and simulations areas of management activities—general management, operations, logistics, financial management, human resource management, marketing and sales, negotiations, etc.

Prof. Dr. Aleksandra Gawel
Dr. Miloš S. Krstić
Prof. Dr. Katarzyna Mroczek-Dąbrowska
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Mathematics is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • Modeling and optimization algorithms of business games and scenarios
  • Engines and scenarios of business games and simulations
  • Optimization of game parameters
  • Typology of business games and players
  • Educational process with the use of business games and simulations
  • Management activities in business games and simulations

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Published Papers (6 papers)

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Research

23 pages, 9394 KiB  
Article
Designing Computer Games to Teach Finance and Technical Concepts in an Online Learning Context: Potential and Effectiveness
by Tasadduq Imam, Michael Cowling and Narottam Das
Mathematics 2022, 10(22), 4205; https://doi.org/10.3390/math10224205 - 10 Nov 2022
Cited by 2 | Viewed by 1931
Abstract
Designing computer games to educate students is not a new technique. Not all disciplines, however, embed the same degree of cognitive load, and not all game design approaches are appropriate across contexts. Teaching technical business disciplines, such as finance, using a game imposes [...] Read more.
Designing computer games to educate students is not a new technique. Not all disciplines, however, embed the same degree of cognitive load, and not all game design approaches are appropriate across contexts. Teaching technical business disciplines, such as finance, using a game imposes specific challenges, especially when the subject is offered online and to students who may not be from relevant technical backgrounds. However, there has only been limited attention concerning the use of game-based learning (GBL) for teaching finance at the higher education level, especially when delivered online. This article explores the potential of GBL to teach finance at an Australian university. We further present the outcomes of a survey of students’ experiences concerning the unique business simulation tool. The results reveal that while a game-based intervention can positively affect students’ learning in a technical discipline, such as finance, the design also needs to be such that the players can relate the experience to learning goals and practical needs for satisfactory outcomes. A defining aspect of this research is using Bayesian analysis, capable of gaining insights irrespective of sample size, yet not widely used in the higher education research area in favour of the frequentist analysis. Bayesian analysis shows a high probability of the educational game achieving positive or satisfactory ratings. Further, two aspects of a game—functionalities and usability and perception of impact—are particularly noted to influence the game’s overall rating. Overall, the outcomes from this research call for careful consideration of the learners’ requirements and capability towards ensuring an enjoyable outcome rather than just focusing on a game’s content or context. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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18 pages, 1265 KiB  
Article
A Heuristic-Based Simulation for an Education Process to Learn about Optimization Applications in Logistics and Transportation
by Majsa Ammouriova, Massimo Bertolini, Juliana Castaneda, Angel A. Juan and Mattia Neroni
Mathematics 2022, 10(5), 830; https://doi.org/10.3390/math10050830 - 5 Mar 2022
Cited by 11 | Viewed by 3322
Abstract
In the context of the DigiLab4U international project, this paper describes a simulation-based serious game that can be used as a virtual teaching lab in higher education courses, especially in Industrial and Systems Engineering, Data Science, Management Science and Operations Research, as well [...] Read more.
In the context of the DigiLab4U international project, this paper describes a simulation-based serious game that can be used as a virtual teaching lab in higher education courses, especially in Industrial and Systems Engineering, Data Science, Management Science and Operations Research, as well as Computer Science. The learning activity focuses on understanding distribution logistics problems related to transportation optimization using different techniques. These optimization challenges include the vehicle routing problem, the arc routing problem, and the team orienteering problem. As a result of the learning process in the virtual lab, it is expected that students acquire competencies and skills related to logistics and transportation challenges as well as problem-solving. These competencies and skills can be precious for students’ future careers, since they increase students’ analytical skills, capacity to understand heuristic-based algorithms, teamwork and interdisciplinary communication skills, programming skills, and statistical abilities. A preliminary version of this training activity has already been used in MSc and PhD courses held at universities in Spain, Italy, Ireland, and Portugal. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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21 pages, 2693 KiB  
Article
Targeted Allocation of Marketing Resource in Networks Based on Opinion Dynamics
by Ningning Lang, Lin Wang and Quanbo Zha
Mathematics 2022, 10(3), 394; https://doi.org/10.3390/math10030394 - 27 Jan 2022
Cited by 14 | Viewed by 3163
Abstract
Recent advances in information technology and the boom in social media provide firms with easy access to the data of consumers’ preferences and their social interactions. To characterize marketing resource allocation in networks, this paper develops a game theoretical model that allows for [...] Read more.
Recent advances in information technology and the boom in social media provide firms with easy access to the data of consumers’ preferences and their social interactions. To characterize marketing resource allocation in networks, this paper develops a game theoretical model that allows for each firm’s own utility, action strategies of other firms and the inner state (self-belief and opinions) of consumers. In this model, firms can sway consumers’ opinions by spending marketing resources among consumers under budget and cost constraints. Each firm competes for the collective preference of consumers in a social network to maximize its utility. We derived the equilibrium strategies theoretically in a connected network and a dispersed network from the constructed model. These reveal that firms should allocate more marketing resources to some of consumers depending on their initial opinions, self-belief and positions in a network. We found that some structures of consumer networks may have an innate dominance for one firm, which can be retained in equilibrium results. This means that network structure can be as a tool for firms to improve their utilities. Furthermore, the sensitivities of budget and cost to the equilibria were analyzed. These results can provide some reference for resource allocation strategies in marketing competition. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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13 pages, 362 KiB  
Article
Evaluation of the Work-Integrated Learning Methodology: Teaching Marketing through Practitioner Experience in the Classroom
by Luis-Alberto Casado-Aranda, Juan Sánchez-Fernández, Francisco Javier Montoro-Ríos and María Isabel Arias Horcajadas
Mathematics 2021, 9(17), 2164; https://doi.org/10.3390/math9172164 - 5 Sep 2021
Cited by 8 | Viewed by 3023
Abstract
The teaching methodology in university marketing subjects has traditionally been based on “lecture classes”, which have proved to be insufficient for providing students with professional skills that can be directly applied in the workplace. This research aims to reduce this gap between the [...] Read more.
The teaching methodology in university marketing subjects has traditionally been based on “lecture classes”, which have proved to be insufficient for providing students with professional skills that can be directly applied in the workplace. This research aims to reduce this gap between the university and business by applying the active teaching methodology of work-integrated learning (WIL), which consists of providing students with knowledge and experiences directly from professionals that are invited to the classroom. We evaluated the effects of the WIL methodology on university students in a marketing degree course through self-administered questionnaires. During a semester, perceived personal, academic, and professional outcomes were assessed in two groups of students of the same module, one of which participated in the WIL program (i.e., they received lectures by professional marketing experts who were invited to the classroom and explained, through real examples, the content of the subject being taught), and the other served as a control (i.e., they learned the content only through traditional lectures from the college instructor). The results revealed that the students who took part in the WIL program experienced increased motivation, enjoyment, and interest in the subject. Furthermore, they had an increased understanding and acquisition of the concepts, as well as a greater perceived ability to manage companies and a comprehension of the economic environment. These findings constitute an advance because they identify the benefits of applying WIL in knowledge fields where the acquisition of professional skills is crucial for graduates’ entry into the labor market. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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16 pages, 1171 KiB  
Article
Model of Price Optimization as a Part of Hotel Revenue Management—Stochastic Approach
by Martin Petricek, Stepan Chalupa and David Melas
Mathematics 2021, 9(13), 1552; https://doi.org/10.3390/math9131552 - 1 Jul 2021
Cited by 13 | Viewed by 6657
Abstract
The paper is focusing on the problem of price optimization in the area of accommodation services. The main aim is to propose a novel simulation-based methodology of price optimization based on the customer’s price acceptance. The authors create a model based on the [...] Read more.
The paper is focusing on the problem of price optimization in the area of accommodation services. The main aim is to propose a novel simulation-based methodology of price optimization based on the customer’s price acceptance. The authors create a model based on the known approaches but extended by the stochastic approach and optimization based on the coefficient of price elasticity. The whole model is created, the price is set and optimized in two steps. The first step makes segmentation and optimization (with the price elasticity approach). The second step then sets the price of the reservation—the final price for a customer. This reservation price is mainly determined by knowledge of the length of stay, occupancy and booking lead time. All those parameters are described in the text from the economic point of view and make the base for the whole and complex revenue management model. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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23 pages, 2039 KiB  
Article
Impact of Emotional Perceived Value on the Uncertain Evolution of the Housing Bubble
by Yang Tang, Kairong Hong, Yucheng Zou and Yanwei Zhang
Mathematics 2021, 9(13), 1543; https://doi.org/10.3390/math9131543 - 1 Jul 2021
Cited by 7 | Viewed by 3013
Abstract
In China, the housing bubble is not only an economic issue but also an important social and political issue. According to game theory, the housing bubble is an equilibrium result of the interaction between policy environment and participants’ behavior. In this process, due [...] Read more.
In China, the housing bubble is not only an economic issue but also an important social and political issue. According to game theory, the housing bubble is an equilibrium result of the interaction between policy environment and participants’ behavior. In this process, due to the interaction between speculation, regulation, and emotions, the development and evolution of the housing bubble are faced with uncertainty. Different from traditional econometric analysis, this article adopts the evolutionary game analysis method in order to establish a multi-stage evolutionary game analysis framework for the housing bubble. Firstly, by analyzing the emotional perceived value of related subjects under optimism, pessimism, and uncertainty, this article explores the mechanism of emotional perceived value on the housing bubble under the condition of inconsistent policy objectives. Secondly, it introduces emotional perceived value into the evolutionary game analysis framework of housing bubbles and analyzes the strategic combination and game equilibrium between investors and local governments under different emotions. Finally, taking Hainan province as an example, it conducts a MATLAB numerical simulation on the uncertain evolution of the housing bubble and proposes a staged strategy combination to deal with the housing bubble. The results show that: (1) emotional perceived value is affected by policy environment; (2) changes in the strength of policy effects make emotional perceived value change, which has different incentive effects on investors’ speculation and local governments’ regulation; (3) there are differences in emotional perceived value in different stages, which improves the uncertainty of the game equilibrium result between investors and local governments; and (4) considering the evolutionary characteristics of the housing bubble in different stages, its countermeasures should not only prevent insufficient regulation but also avoid excessive regulation. The above conclusions can provide theoretical and practical references for predicting the behavior of real estate investors, identifying the evolution mechanisms and rules of real estate bubbles and formulating relevant regulatory policies. Full article
(This article belongs to the Special Issue Business Games and Numeric Simulations in Economics and Management)
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