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An Agent-Based Simulation to Study the Effect of Consumer Panic Buying on Supply Chain
Description
This paper presents the development of an agent-based model to study the response of a supply chain of bottled water due to consumer panic buying, triggered by a large-scale disaster, by modelling the consumers and the supply chain stakeholders as autonomous agents. Consumer panic buying increases the demand of product which proves difficult for the stores to handle. The model helps in understanding the performance of the supply chain due to the sudden rise in demand and the strategies applied to control it. A preliminary study to show the effectiveness of the consumer quota policy, used by the retailers, in handling the supply chain disruption and in fulfilling essential consumer needs is presented here.
