Advances in Artificial Economics

by Bruun, Charlotte

• ISBN13: 9783540372479
• ISBN10: 3540372474
• eBook ISBN(s): 9783540372493
• Format: Paperback
• Copyright: 2006-10-15
• Publisher: Springer-Verlag New York Inc

Summary

Perceiving the economy as a complex dynamic system, generates a need for new tools for its study. As a constructive simulation method, Agent-Based Computational Economics (ACE) has in recent years proven its strength and extensive applicability. Fields of study are widely spread within economics, with a cluster around financial markets. This book is based on communications given at AE'2006 (Aalborg, Denmark) ' the second symposium on Artificial Economics, and covers both wellknown questions of economics, like the existence of market efficiency, as well as new questions raised by the new tools, for example questions related to networks of social interaction.

Table of Contents

Market Structure and Economic Behaviour
Heterogeneous Beliefs Under Different Market Architectures	p. 3
The Allocative Effectiveness of Market Protocols Under Intelligent Trading	p. 17
Strategic Behaviour in Continuous Double Auction	p. 31
Market Efficiency and the Role of Speculation
A Broad-Spectrum Computational Approach for Market Efficiency	p. 47
The Dynamics of Quote Prices in an Artificial Financial Market with Learning Effects	p. 63
Reduction of the Bullwhip Effect in Supply Chains Through Speculation	p. 77
Firm-Consumer Dynamics
Co-evolutionary Market Dynamics in a Peaked Resource Space	p. 93
E-Consumers' Search and Emerging Structure of Web-Sites Coalitions	p. 105
Agent Based Modeling of Trust Between Firms in Markets	p. 121
Investigations into Schumpeterian Economic Behaviour Using Swarm	p. 133
Social Interaction - Network Effects
The Wisdom of Networked Evolving Agents	p. 149
Artificial Multi-Agent Stock Markets: Simple Strategies, Complex Outcomes	p. 167
Market Polarization in Presence of Individual Choice Volatility	p. 177
Is Ignoring Public Information Best Policy? Reinforcement Learning in Information Cascade	p. 191
Social Interaction - Connectivity
Complex Behaviours in Binary Choice Model with Global or Local Social Influence	p. 203
Dynamics of a Public Investment Game: from Nearest-Neighbor Lattices to Small-World Networks	p. 221
Social Norms, Cognitive Dissonance and Broadcasting: How to Influence Economic Agents	p. 235
Methodological Issues and Their Application
Confronting Agent-Based Models with Data: Methodological Issues and Open Problems	p. 255
Equilibrium Return and Agents' Survival in a Multiperiod Asset Market: Analytic Support of a Simulation Model	p. 269
Explaining the Statistical Features of the Spanish Stock Market from the Bottom-Up	p. 283
Table of Contents provided by Ingram. All Rights Reserved.