Advances in Artificial Economics: The Economy as a Complex by Charlotte Bruun

By Charlotte Bruun

This booklet is predicated on displays at AE’2006 (Aalborg, Denmark) – the second one symposium on man made Economics. As a brand new positive simulation technique, Agent-Based Computational Economics (ACE) has in recent times confirmed its energy and applicability. assurance during this quantity extends to renowned questions of economics, just like the lifestyles of industry potency, and to questions raised through new analytical instruments, for instance networks of social interaction.

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Additional resources for Advances in Artificial Economics: The Economy as a Complex Dynamic System (Lecture Notes in Economics and Mathematical Systems)

Example text

The global parameters are the number n of traders, the mean μ and the variance σ 2 of the realization value Y of the asset, the number t of trading sessions, and the size Δ of 3 For a batch auction, we use the price observed in the last active trading session. For the sequential protocols, we use the midpoint of the (best available) bid-ask spread. 2 Allocative Effectiveness and Intelligent Trading 23 the tick. Individually, a trader i is characterized by his coefficient ki of risk tolerance and by his endowment of cash ci and asset shares si .

The competitive equilibrium achieves the efficient allocation at the price p∗ = μ − S/(τ K). At such price, the trader i’s net demand qi (p∗ ) is exactly filled, making his final allocation qi (p∗ ) + si equal to the required s∗i = (S/K)ki . 2 The Market Protocols We compare the performances of four market protocols: a batch auction, a continuous double auction, and a nondiscretionary dealership, and a hybrid of these last two. The first protocol is simultaneous, while the other three are sequential.

This agent has at least two parameters coding the dates on which it will buy and sell the trackers. 000 “children” will be processed. 000 Strategic Agents. One can imagine that the number of Meta Agents is, therefore, really huge and, despite computer power or parallel computing facilities, cannot be investigated exhaustively. 2 Agent’s Design Agent’s design is specified in terms of the decision making process and operations allowed in the market. 1). 89%) are never bankrupted during the whole process.

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