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

By Norman Ehrentreich

This publication reconciles the life of technical buying and selling with the effective industry speculation. via studying a widely known agent-based version, the Santa Fe Institute synthetic inventory marketplace (SFI-ASM), it reveals that once selective forces are susceptible, monetary evolution can't be sure that simply the fittest buying and selling principles will live to tell the tale. Its major contribution lies within the program of ordinary effects from inhabitants genetics that have extensively been missed within the agent-based neighborhood.

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

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Coherence with the aggregate results predicted by models populated by rational agents, would come about in spite of irrationality on the micro-level. Emergent rationality as a property of a complex adaptive system is also investigated in [69], who formally interpret both the Efficient Market Hypothesis and the Rational Expectations Hypothesis as an example of emergent behavior in the context of an artificial stock market. Evidence that indexstrategic complementarity “strategic complementarity” and “strategic substitutability” are important in determining aggregate outcomes is provided in [125].

A good starting point for evolutionary economics is the works of [439, 49, 101]. Evolutionary economics is primarily concerned with the equilibrium selection problem [284, 435, 364]. Its other focus is to model how agents learn to become ‘rational’ in the economic sense [40, 137, 175]. The primary concern with equilibrium selection, however, is criticized by B¨orgers [48]. Since there is mixed empirical evidence whether and under which situations agents behave rationally or not, he urges first studying how rationality comes about.

Chaos theory was popularized in [149] and is characterized by a sensitive dependence on initial conditions and a deterministic system behavior which appears to be stochastic. It remains a lively area in economic research [335, 336, 54, 55] and agent-based complexity models are nowadays often tested to see whether they also exhibit chaotic behavior [266, 145]. While sharing the thread of nonlinearities and discontinuities with its predecessors, the main theme of complexity theory is that of emergence.

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