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Artificial Economics

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Artificial Economics

The Generative Method in Economics
Cesáreo Hernández, Marta Posada, Adolfo López-Paredes (Editors)

Simulation is used in economics to solve large econometric models, for large-scale micro simulations, and to obtain numerical solutions for policy design in top-down established models. But these applications fail to take advantage of the methods offered by artificial economics (AE) through artificial intelligence and distributed computing. AE is a bottom-up and generative approach of agent-based modelling developed to get a deeper insight into the complexity of economics. AE can be viewed as a very elegant and general class of modelling techniques that generalize numerical economics, mathematical programming and micro simulation approaches. The papers presented in this book address methodological questions and applications of AE to macroeconomics, industrial organization, information and learning, market dynamics, finance and financial markets.

Part I Macroeconomics

A Potential Disadvantage of a Low Interest Rate Policy: the Instability of Banks Liquidity - Gianfranco Giulioni - Pages 3-14
Keynes in the Computer Laboratory. An Agent-Based Model with MEC, MPC, LP - Giulia Canzian, Edoardo Gaffeo, Roberto Tamborini - Pages 15-28
Pride and Prejudice on a Centralized Academic Labor Market - Philippe Caillou, Michele Sebag - Pages 29-40
Part II Industrial Organization
U. S. Defense Market Concentration: An Analysis of the Period 1996–2006 - Wayne Zandbergen - Pages 43-52
Operator’s Bidding Strategies in the Liberalized Italian Power Market - Eric Guerci, Mohammad Ali Rastegar, Silvano Cincotti - Pages 53-66
Selection Processes in a Monopolistic Competition Market - Jose I. Santos, Ricardo del Olmo, Javier Pajares - Pages 67-77
Part III Market Dynamics and Auctions
Symmetric Equilibria in Double Auctions with Markdown Buyers and Markup Sellers - Roberto Cervone, Stefano Galavotti, Marco LiCalzi - Pages 81-92
Multi-Unit Auction Analysis by Means of Agent-Based Computational Economics - Asuncion Mochon, Yago Saez, David Quintana, Pedro Isasi - Pages 93-101
Social Learning and Pricing Obfuscation - Maciej Latek, Bogumil Kaminski - Pages 103-114
Part IV Finance
Mutual Funds Flows and the “Sheriff of Nottingham” Effect - Lucia Milone, Paolo Pellizzari - Pages 117-128
Foundations for a Framework for Multiagent-Based Simulation of Macrohistorical Episodes in Financial Markets - Bàrbara Llacay, Gilbert Peffer - Pages 129-144
Explaining Equity Excess Return by Means of an Agent-Based Financial Market - Andrea Teglio, Marco Raberto, Silvano Cincotti - Pages 145-156
Part V Financial Markets
Bubble and Crash in the Artificial Financial Market - Yuji Karino, Toshiji Kawagoe - Pages 159-170
Computation of the Ex-Post Optimal Strategy for the Trading of a Single Financial Asset - Olivier Brandouy, Philippe Mathieu, Iryna Veryzhenko - Pages 171-184
A Generative Approach on the Relationship between Trading Volume, Prices, Returns and Volatility of Financial Assets - José Antonio Pascual, Javier Pajares - Pages 185-196
Part VI Information and Learning
Comparing Laboratory Experiments and Agent-Based Simulations: The Value of Information and Market Efficiency in a Market with Asymmetric Information - Florian Hauser, Jürgen Huber, Michael Kirchler - Pages 199-210
Asset Return Dynamics under Alternative Learning Schemes - Elena Catanese, Andrea Consiglio, Valerio Lacagnina, Annalisa Russino - Pages 211-222
An Attempt to Integrate Path-Dependency in a Learning Model - Narine Udumyan, Juliette Rouchier, Dominique Ami - Pages 223-234
Part VII Methodological Issues
A Model-to-Model Analysis of the Repeated Prisoners’ Dilemma: Genetic Algorithms vs. Evolutionary Dynamics - Xavier Vilà - Pages 237-244
Impact of Tag Recognition in Economic Decisions - David Poza, Félix Villafáñez, Javier Pajares - Pages 245-256
Simulation of Effects of Culture on Trade Partner Selection - Gert Jan Hofstede, Catholijn M. Jonker, Tim Verwaart - Pages 257-268

Lecture Notes in Economics and Mathematical Systems - Volume 631

Springer, Paperback, english, 268 pages

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