Advances in artificial economics : the economy as a complex dynamic system / Charlotte Bruun (ed.).

Format:

Book

Contributor:

Bruun, Charlotte.

Series:

Lecture notes in economics and mathematical systems ; 584.

Lecture notes in economics and mathematical systems ; 584

Language:

English

Subjects (All):

Economics--Computer simulation--Congresses.

Economics.

Economics--Mathematical models--Congresses.

Economics--Mathematical models.

Economics--Computer simulation.

Genre:

Conference papers and proceedings.

Physical Description:

xv, 294 pages : illustrations ; 24 cm.

Place of Publication:

Berlin : Springer, 2006.

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 well-known 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.

Contents:

Part I Market Structure and Economic Behaviour

1 Heterogeneous Beliefs Under Different Market Architectures / Mikhail Anufriev, Valentyn Panchenko 3

2 The Allocative Effectiveness of Market Protocols Under Intelligent Trading / Marco LiCalzi, Paolo Pellizzari 17

3 Strategic Behaviour in Continuous Double Auction / Marta Posada, Cesareo Hernandez, Adolfo Lopez-Paredes 31

Part II Market Efficiency and the Role of Speculation

4 A Broad-Spectrum Computational Approach for Market Efficiency / Olivier Brandoy, Philippe Mathieu 47

5 The Dynamics of Quote Prices in an Artificial Financial Market with Learning Effects / Andrea Consiglio, Valeria Lacagnina, Annalisa Russino 63

6 Reduction of the Bullwhip Effect in Supply Chains Through Speculation / Thierry Moyaux, Peter McBurney 77

Part III Firm-Consumer Dynamics

7 Co-evolutionary Market Dynamics in a Peaked Resource Space / Cesar Garcia-Diaz, Arjen van Witteloostuijn 93

8 E-Consumers' Search and Emerging Structure of Web-Sites Coalitions / Jacques Laye, Maximilien Laye, Charis Lina, Herve Tanguy 105

9 Agent Based Modeling of Trust Between Firms in Markets / Alexander Gorobets, Bart Nooteboom 121

10 Investigations into Schumpeterian Economic Behaviour Using Swarm / Craig Lynch 133

Part IV Social Interaction - Network Effects

11 The Wisdom of Networked Evolving Agents / Akira Namatame 149

12 Artificial Multi-Agent Stock Markets: Simple Strategies, Complex Outcomes / A.O.I. Hoffmann, S.A. Delre, J.H. von Eije, W. Jager 167

13 Market Polarization in Presence of Individual Choice Volatility / Sitabhra Sinha, Srinivas Raghavendra 177

14 Is Ignoring Public Information Best Policy? Reinforcement Learning in Information Cascade / Toshiji Kawagoe, Shinichi Sasaki 191

Part V Social Interaction - Connectivity

15 Complex Behaviours in Binary Choice Model with Global or Local Social Influence / Denis Phan, Stephane Pajot 203

16 Dynamics of a Public Investment Game: from Nearest-Neighbor Lattices to Small-World Networks / Roberto da Silva, Alexandre T. Baraviera, Silvio R. Dahmen, Ana L. C. Bazzan 221

17 Social Norms, Cognitive Dissonance and Broadcasting: How to Influence Economic Agents / Andrew Bertie, Susan Himmelweit, Andrew Trigg 235

Part VI Methodological Issues and Their Application

18 Confronting Agent-Based Models with Data: Methodological Issues and Open Problems / Giorgio Fagiolo, Alessio Moneta, Paul Windrum 255

19 Equilibrium Return and Agents' Survival in a Multiperiod Asset Market: Analytic Support of a Simulation Model / Mikhail Anufriev, Pietro Dindo 269

20 Explaining the Statistical Features of the Spanish Stock Market from the Bottom-Up / Jose A. Pascual, J. Pajares, A. Lopez-Paredes 283.

Notes:

Includes bibliographical references.

"This book is based on communications given at AE' 2006 (Aalborg, Denmark)--the second symposium on Artificial Econnomics" -- Back cover.

ISBN:

3540372474

9783540372479

OCLC:

74270339