The Long‐Run and Short‐Run Impact of Captive Supplies on the Spot Market Price: An Agent‐Based Artificial Market
构建基于主体的模型，放宽自有供应者无供给反应的假设，模拟包装商同时选择自有供应量和现货市场量，发现自有供应对价格的压低效应减弱，且包装商最终选择无自有供应，达到古诺解。
An agent‐based model is developed that matches the results of Xia and Sexton (2004) as well as our generalization of their model. We relax Xia and Sexton's assumption of no supply response by captive feeders, which reduces the price‐depressing effect of captive supplies. Finally, the agent‐based model is used to simulate packers choosing both captive supply quantities and spot market quantities. Packers in the relaxed agent‐based model choose no captive supplies and thus reach the Cournot solution. The research narrows the gap between theoretical models and the empirical work on captive supplies that shows little effect on prices, but a gap remains.