The fruit fly is the smallest brain-having model animal. Its brain is said to consist only of about 250,000 neurons, whereas it shows “the rudiments of consciousness” in addition to its high abilities such as learning and memory. As the starting point of the exhaustive analysis of its...

SUMMARYWe propose a two‐market model in which an option market and its underlying market interact. Many artificial markets representing stock markets have been developed, and these models have been actively used to investigate the effects of market rules. However, no artificial market model...

SUMMARY We propose a method for detecting changes in the order balance in stock markets by applying a stochastic model to the feature vectors extracted from the order‐book data of stocks. First, the data are divided into training and test periods. Next, a Gaussian mixture model is estimated...