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Progress in Artificial Economics Computational and Agent-Based Models

:	Marco Li Calzi, Lucia Milone, Paolo Pellizzari
:	Marco Li Calzi, Lucia Milone, Paolo Pellizzari
:	Progress in Artificial Economics Computational and Agent-Based Models
:	Springer-Verlag
:	9783642139475
:	1
:	CHF 87.10
:

:	Allgemeines, Lexika
:	English

:	264
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

Artificial economics aims to provide a generative approach to understanding problems in economics and social sciences. It is based on the consistent use of agent-based models and computational techniques. It encompasses a rich variety of techniques that generalize numerical analysis, mathematical programming, and micro-simulations. The peer-reviewed contributions in this volume address applications of artificial economics to markets and trading, auctions, networks, management, industry sectors, macroeconomics, and demographics and culture.

	Preface	6
	Acknowledgements	10
	Contents	12
	List of Contributors	20
	Part I Markets and Trading	25
	Agent's Minimal Intelligence Calibration for Realistic Market Dynamics	26
	1 Introduction	26
	2 Literature Review	27
	2.1 Seminal Contribution and Initial Controversy	27
	3 ATOM and Real World Market	28
	4 Empirical Strategy and Results	30
	4.1 Data Description	30
	4.2 Calibration Elements: Agent's Behavior	30
	4.3 One Single Stock Detailed Results	32
	4.4 Population Statistics	35
	5 Conclusion	35
	References	37
	Trading on Marginal Information	38
	1 Introduction	38
	2 Market Model	39
	3 Original Fundamental Trading Strategy	40
	4 Modified Fundamental Trading Strategy	42
	4.1 Definition	42
	4.2 Optimization for one Agent	43
	4.3 Equilibrium for two Possible Trading Strategies	46
	5 Conclusion	47
	References	48
	Stylized Facts Study through a Multi-Agent Based Simulation of an Artificial Stock Market	50
	1 Introduction	50
	2 The Micro/Macro Level of the Stock Market	51
	2.1 Trader Transaction Protocol	51
	2.2 New Cognitive Investor's Model	53
	2.2.1 Model Description	54
	2.2.2 The Behavioral Attitudes	56
	2.3 Social Networks and Interactions	57
	3 Experiments and Results	57
	4 Conclusion	60
	References	60
	Part II Auctions	62
	A Variable Bid Increment Algorithm for Reverse English Auction	63
	1 Introduction	63
	2 Related Works	64
	3 Auction Protocol	66
	4 Auction Model	67
	4.1 Multi-Agent Reverse English Auction Architecture	67
	4.2 Preference Model	68
	4.3 Aggregation Model	68
	5 Anytime Counterproposal Definition	69
	5.1 Propositions	70
	5.2 Properties	71
	6 Conclusion	72
	References	73
	Co-evolutionary Agents in Combinatorial Sealed-bid Auctions for Spectrum Licenses Markets	74
	1 Introduction	74
	2 The Combinatorial First-Price Sealed-Bid Auction	75
	3 The Scenarios	76
	4 Bidding by Means of Agent-Based Co-Evolutionary Learning	77
	5 Analysis of the Results	79
	6 Conclusions and Future Work	81
	References	82
	The Effect of Transaction Costs on Artificial Continuous Double Auction Markets	85
	1 Introduction	85
	2 The Agent-Based CDA Market Model	86
	2.1 The Institution	87
	2.2 The Environment	87
	2.3 Agents' Behavior	88
	3 The Experiments	89
	4 Measures and Main Results	90
	4.1 Market Efficiency	90
	4.2 Price Convergence	91
	5 Conclusions	92
	References	94
	Part III Networks	95
	The Rise and Fall of Trust Networks	96
	1 Introduction	96
	2 The Model	99
	2.1 Foreclosure Game	100
	3 Results	101
	4 Discussion	104
	5 Appendix: The Algorithm	105
	References	107
	Simulations on Correlated Behavior and Social Learning	108
	1 Introduction	108
	2 The Model	110
	3 Simulations on Networks	111
	4 Discussion	116
	Appendix	117
	References	118
	Technology Shocks and Trade in a Network How business cycles emerge from the interaction of autonomous agents	120
	1 Introduction	120
	2 The Model	121
	2.1 Agents	121
	2.2 Rounds and Agents' Actions	122
	3 Analysis of the Agent-Based Model	128
	3.1 Business Cycles	129
	4 Growth in a Non-Growth Model	130
	5 Conclusion	130
	References	131
	Part IV Management	132
	The (Beneficial) Role of Informational Imperfections in Enhancing Organisational Performance	133
	1 Introduction	133
	2 Model	134
	2.1 Organisational Structure	135
	2.2 Informational Imperfections	136
	3 Results	138
	4 Interpretation	139
	5 Conclusion	143
	References	143
	Social Interactions and Innovation: Simulation Based on an Agent-Based Modular Economy	145
	1 Introduction: The Purpose of this Study	145
	2 Foundation of the Work	146
	3 Simulation Design	148
	4 Simulation Results	150
	4.1 Competitiveness Dynamics: A Macroscopic View	150
	4.2 Competitiveness Dynamics: A Microscopic View	151
	4.3 Competitiveness Dynamics: A Mesoscopic View	152
	4.4 Other Performance Criteria	154
	5 Concluding Remarks	155
	References	156
	Threshold Rule and Scaling Behavior in a Multi-Agent Supply Chain	157
	1 Introduction	157
	2 The Model	159
	2.1 The Network Structure	159
	2.2 Capital Flows	161
	2.3 From Bankruptcy to Rebirth	162
	3 Simulation Results	163
	3.1 Parameters Choice	163
	3.2 Firm Size Distribution	163
	4 Conclusions	166
	References	168
	Part V Industry Sectors	169
	Information and Search on the Housing Market: An Agent-Based Model	170
	1 Introduction	171
	2 Model	172
	3 Results	174
	3.1 Landlords' Information Level	175
	3.2 Dynamically Varying the Discount Rate	177
	4 Conclusion	180
	5 Appendix: Initialisation	181
	References	181
	Adaptation of Investments in the Pharmaceutical Industry	182
	1 Introduction	182
	2 Modeling product market competition	183
	2.1 Modeling the Supply Side	184
	2.2 Modeling the Demand Sid