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

By Charlotte Bruun

This e-book is predicated on displays at AE’2006 (Aalborg, Denmark) – the second one symposium on synthetic Economics. As a brand new confident simulation process, Agent-Based Computational Economics (ACE) has lately confirmed its energy and applicability. assurance during this quantity extends to popular questions of economics, just like the life of marketplace potency, and to questions raised through new analytical instruments, for instance networks of social interaction.

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1989) Theory, Experiment and Economics. J. of economic Perspectives. Winter. 783-801. [13] Sunder, S. (2005) Markets as Artifacts: Aggregate Efficiency from ZeroIntelligence Traders. In Models of a Man. Essays in Memory of H. Simon. Augier and March edit. MIT Press: 501-519. [14] Tesauro, G. and Das, R. (2001) High performance bidding agents for the continuous double auction. In: Third ACM Conference on Electronic Commerce. , Tesauro, G. and Kephart, J. (2002) Analyzing complex strategic interactions in multiagent games.

Journal of Economic Dynamics and Control 22: 1235-1274 [5] Gaunersdorfer A, Hommes CH (2005) A nonlinear structural model for volatility clustering. In: Teyssi`ere G, Kirman A (eds) Long Memory in Economics: 265-288. Springer [6] Hommes CH (2006) Heterogeneous agent models in economics and finance. In: Judd K, Tesfatsion L (eds) Handbook of Computational Economics II: Agent-Based Computational Economics. Elsevier, North-Holland [7] LeBaron B (2000) Agent-based computational finance: suggested readings and early research.

For a complete range of the possible settings (ExA), the results confirm that: 40 Marta Posada et al. 5. Transaction prices and profits when the initial population is 50% are K agents and 50% GD agents Buyers: GD Sellers: K Buyers: K Sellers: GD E2C 1. The quality of price convergence and allocative efficiency, depend on alternative degrees of agents intelligence. 2. D. 3. It also matters whether the environment is symmetric or not. Nevertheless convergence is achieved if we allow the agents to change their strategy.

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