Purchasing Decisions on Alternative Fuel Vehicles Within an Agent-Based Model

We develop an empirically grounded agent-based model to explore the purchasing decisions of mutually interacting agents (consumers) between three types of alternative fuel vehicles. We calibrate the model with recently published empirical data on consumer preferences towards such vehicles. Furthermore, running the Monte Carlo simulations, we show possible scenarios for the development of the alternative fuel vehicle market depending on the marketing strategies employed.

Automated summary

We developed an agent-based model calibrated with empirical data to investigate the purchasing decisions of consumers between three alternative fuel vehicles. Through Monte Carlo simulations, we presented possible scenarios for the alternative fuel vehicle market based on different marketing strategies.