In recent years, a growing literature has claimed that the market microstructure is sufficient to generate the so-called stylized facts without any reference to the behaviour of market players. Indeed, qualitative stylized-facts can be generated with zero-intelligence traders (ZITs) but we...

The Efficient Market Hypothesis (EMH) is one of the most investigated questions in Finance. Nevertheless, it is still a puzzle, despite the enormous amount of research it has provoked. For instance, it is still discussed that market cannot be outperformed in the long run (Detry and Gregoire,...

Since the first multi-agents based market simulations in the nineties, many different artificial stock market models have been developped. There are mainly used to reproduce and understand real markets statistical properties such as fat tails, volatility clustering and positive auto-correlation...

Standard finance theory generally assumes homogeneous agents relatively to their preferences, heuristics and investment strategies. We propose to study, in an agent-based simulation, the emergence of equilibrium under various heterogeneous conditions. Market interaction is stylized with the...

This paper aims at studying the flash crash caused by an operational shock with different market participants. We reproduce this shock in artificial market framework to study market quality in different scenarios, with or without strategic traders. We show that traders’ srategies influence the...

La simulation informatique a permis aux disciplines dépourvues de la possibilité de réaliser des expériences de se doter d'outils leur permettant d'évaluer leurs hypothèses et leurs modèles. Elle reste toutefois cantonnée à l'intégration numérique de modèles mathématiques ou...

L'usage croissant de la simulation multi-agents pour modéliser des systèmes pourvoyeurs de grandes quantités de données, suppose l'identification automatique des paramètres pertinents ou l'extraction de connaissances à partir des données réelles, faute de quoi la fiabilité des...

Resource reallocation problems are common in real life and therefore gain an increasing interest in Computer Science and Economics. Such problems consider agents living in a society and negotiating their resources with each other in order to improve the welfare of the population. In many studies...

In this paper, the integration of a solid oxide fuel cell operating at a very high temperature (900–1000 °C, 55–60% efficiency) in a near-zero emission power cycle is presented. A more efficient and powerful hybrid near-zero emission CO2/O2 cycle is obtained with a CO2 release as small as 6...

The guiding idea behind oxy-fuel combustion power cycles is guaranteeing a high level of performance as can be obtained by today's advanced power plants, together with CO2 separation in conditions ready for transport and final disposal. In order to achieve all these goals, oxy-combustion –...