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We examine whether a simple agent--based model can generate asset price bubbles and crashes of the type observed in a series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the methodology of Gode and Sunder (1993, 1997) and...
Persistent link: https://www.econbiz.de/10005076911
This paper considers the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled ``laboratory'' conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of...
Persistent link: https://www.econbiz.de/10005134584
We study a general equilibrium system where agents have heterogeneous beliefs concerning realizations of possible outcomes. The actual outcomes feed back into beliefs thus creating a complicated nonlinear system. Beliefs are updated via a genetic algorithm learning process which we interpret as...
Persistent link: https://www.econbiz.de/10005701795
Many internet auction sites implement ascending-bid, second-price auctions. Empirically, lastminute or “late” bidding is frequently observed in “hard-close” but not in “soft-close” versions of these auctions. In this paper, we introduce an independent private-value repeated internet...
Persistent link: https://www.econbiz.de/10005561497