By Charlotte Bruun
This publication is predicated on displays at AE’2006 (Aalborg, Denmark) – the second one symposium on man made Economics. As a brand new optimistic simulation strategy, Agent-Based Computational Economics (ACE) has in recent times confirmed its energy and applicability. assurance during this quantity extends to renowned questions of economics, just like the lifestyles of marketplace potency, and to questions raised by way of new analytical instruments, for instance networks of social interaction.
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Extra info for Advances in Artificial Economics: The Economy as a Complex Dynamic System (Lecture Notes in Economics and Mathematical Systems)
In each trading session, after traders submit their orders, the exchange price p∗ is obtained at the intersection of demand and supply. If there are multiple solutions, we choose p∗ as the midpoint of the interval between the lowest and the highest possible values. ) Shares and corresponding payments are exchanged between traders who submitted bids not lower than p∗ and asks not higher than p∗ . Traders who placed orders exactly at price p∗ may be accordingly rationed. This protocol is also known as the k-double auction, with k = 1/2.
The ranking with respect to time to convergence is D > H >> C > B, where > stands for “lower time” and >> for “much lower time”. Protocols involving a dealer converge much faster. Intelligent trading is overall beneﬁcial but has an ambiguous eﬀect. A better choice for the side of the transaction to attempt substantially reduces the time to convergence: this alone might wipe out diﬀerences among all protocols except for the batch auction. On the other hand, more aggressive behavior on the choice of the prices slightly increases this time.
1 The Environment We consider an economy with n traders. There is cash and one good, which is an asset with a (random) realization value Y at a given time T in the far future. Each trader i has an initial endowment of cash ci ≥ 0 and shares si ≥ 0. We rule out any informational eﬀect and assume that all traders believe that Y is normally distributed with mean μ ≥ 0 and precision τ = 1/σ 2 > 0 and that no new information is ever released. Therefore, traders’ beliefs about Y are homogeneous and never change until uncertainty resolves.
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