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Agent-Based Computational Laboratories for the Experimental Study of Complex Economic Systems
Tesfatsion, Leigh - Society for Computational Economics - SCE - 2005
for an agent-based computational economics (ACE) course, Econ 308, offered each Spring as part of the undergraduate … economics curriculum at Iowa State University. ACE is the computational study of economies modeled as dynamic systems of … embodied mind; network economics; and the experimental study of specific types of market processes (labor, financial …
Persistent link: https://www.econbiz.de/10005706274
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Base rate neglect for the wealth of populations
Urbig, Diemo - Society for Computational Economics - SCE - 2006
Base rate neglect has been shown to be a very robust bias in human information processing. It has also been show to be ecologically rational in some environments. However, when arguing about base rate neglect usually isolated individuals are considered. I complement these results by showing that...
Persistent link: https://www.econbiz.de/10005537387
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Asset pricing with adaptive learning
Poveda, Eva Carceles; Giannitsarou, Chryssi - Society for Computational Economics - SCE - 2006
We study the extent to which self-referential adaptive learning can explain stylized asset pricing facts in a general equilibrium framework. In particular, we analyze the effects of recursive least squares and constant gain algorithms in a production economy and a Lucas type endowment economy....
Persistent link: https://www.econbiz.de/10005537401
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Behavioral Consistent Market Equilibria under Procedural Rationality
Anufriev, Mikhail; Bottazzi, Giulio - Society for Computational Economics - SCE - 2006
in other fields of economics where heterogeneity of actors plays an important role for the aggregate outcome …
Persistent link: https://www.econbiz.de/10005537404
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Computational Efficiency and Macroeconomic Stability under Centralized Exchange: Evidence from Swiss and US Exchange Data
Stodder, James - Society for Computational Economics - SCE - 2005
Centralized exchange has a worst-case size-complexity many orders of magnitude lower than decentralized monetary exchange for the same number of agents and goods. A more rapid approach to competitive equilibrium may therefore be possible through centralized exchange. An additional benefit of...
Persistent link: https://www.econbiz.de/10005537470
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Price and Wealth Dynamics in a Speculative Market with an Arbitrary Number of Generic Technical Trading Strategies
Bottazzi, Giulio; Anufriev, Mikhail - Society for Computational Economics - SCE - 2005
We consider a simple pure exchange economy with two assets, one riskless, yielding a constant return, and one risky, paying a stochastic dividend, and we assume trading to take place in discrete time inside an endogenous price formation setting. Traders demand for the risky asset is expressed as...
Persistent link: https://www.econbiz.de/10005537477
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Learning and Endogenous Business Cycles in a Standard Growth Model
Cellarier, Laurent - Society for Computational Economics - SCE - 2005
Cyclical or chaotic competitive equilibria that do not exist under perfect foresight are shown to occur in a decentralized growth model under constant gain adaptive learning. This paper considers an economy populated by boundedly rational households making one-period ahead constant gain adaptive...
Persistent link: https://www.econbiz.de/10005537484
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Evolution with Individual and Social Learning in an Agent-Based Stock Market
YAMAMOTO, Ryuichi - Society for Computational Economics - SCE - 2005
Recent research has shown a variety of computational techniques to describe evolution in an artificial stock market. One can distinguish the techniques based on at which level the learning of agents is modeled. The previous literature describes learning at either individual or social level. The...
Persistent link: https://www.econbiz.de/10005537496
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An evolutionary approach to the El Farol game
Tuinstra, J.; Dindo, P.; Hommes, C.H. - Society for Computational Economics - SCE - 2004
A well known problem in economics is to describe properly a situation where N agents are repeatedly competing to use …
Persistent link: https://www.econbiz.de/10005537605
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From Heterogeneous expectations to exchange rate dynamic:
Protin, Philippe; Neuberg, Luc; Louargant, Christine - Society for Computational Economics - SCE - 2004
The purpose of this paper is to analyze how heterogeneous behaviors of agents influence the exchange rates dynamic in the short and long terms. We examine how agents use the information and which kind of information, in order to take theirs decisions to form an expectation of the exchange rate....
Persistent link: https://www.econbiz.de/10005537618