Download PDF by Norman Ehrentreich: Agent-Based Modeling: The Santa Fe Institute Artificial

By Norman Ehrentreich

ISBN-10: 3540738789

ISBN-13: 9783540738787

This e-book reconciles the life of technical buying and selling with the effective marketplace speculation. via studying a well known agent-based version, the Santa Fe Institute synthetic inventory industry (SFI-ASM), it reveals that once selective forces are vulnerable, monetary evolution can't be sure that simply the fittest buying and selling ideas will continue to exist. Its major contribution lies within the program of ordinary effects from inhabitants genetics that have largely been ignored within the agent-based group.

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Read or Download Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems) PDF

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Additional info for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems)

Example text

While Brenner points out that the basic mechanism of Bayesian learning roughly corresponds to the psychological notion of cognitive learning, he admits that it lacks empirical or experimental justification. It is very doubtful whether people are indeed able to do the necessary calculations that Bayesian updating requires. He also refers to the psychology literature which finds that people tend not to simultaneously consider many competing hypotheses [52]. Experimental evidence such as Monty Hall’s three-door anomaly, too, suggests that agents consistently deviate from the rational Bayesian solution [139].

In a way, they must have considered markets to act as efficient evaluation and selection mechanisms. In modern evolutionary economics, their competitive argument could be modeled through what is now known as replicator equations8 [383]. Replicator equations are based on Ronald A. 9 Consider a population of n competing “species” which are characterized by their genetic fitness f . In evolutionary economics the “species” may simply be taken as a synonym for competing technologies, strategies, or trading rules.

24 The Santa Fe Artificial Stock Market, for instance, was first programmed in Objective-C. Later, it was reprogrammed to utilize the SWARM-simulation library. Wilpert [437] ported the model to Borland-C++, while Ehrentreich [106] reprogrammed the market under Java and the RePast-library. Other artificial stock markets use mathematical program packages such as GAUSS [268, 269] or Matlab [240]. 3 The Concept of Minimal Rationality I have had my results for a long time: but I do not yet know how I am to arrive at them.

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Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems) by Norman Ehrentreich

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