By Philippe Mathieu, Bruno Beaufils, Olivier Brandouy
Agent-based Computational Economics (ACE) is a brand new self-discipline of economics, principally grounded on recommendations like evolution, auto-organisation and emergence: it intensively makes use of computing device simulations in addition to synthetic intelligence, typically in accordance with multi-agents platforms. the aim of this e-book is to offer an up-to date view of the medical creation within the fields of Agent-based Computational Economics (mainly in marketplace Finance and online game Theory). in accordance with communications given at AE'2005 (Lille, USTL, France), this e-book bargains a large landscape of contemporary advances in ACE (both theoretical and methodological) that may curiosity teachers in addition to practitioners.
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Extra info for Artificial Economics Agent Based Methods in Finance Game Theory and Their Applications
3. P. Bak, M. Paczuski, and M. Shubik. Price variations in a stock market with many agents. Physica A, 246:430-453, 1997. 38 Gilles Daniel et al. 4. A. N. Cappellini. Esperimenti su mercati finanziari con agenti natural! ed artificiali. Master's thesis, Dipartimento di Scienze Economiche e Finanziarie, Facolta di Economia, Universita di Torino, Italy, 2003. 5. A. Cappellini. Avatar e simulazioni. Sistemi intelligenti, 1:45-58, 2005. 6. R. -P. Bouchaud. Herd behaviour and aggregate fluctuations in financial markets.
This procedure aims to achieve a minimal economic rationality for the agents. 1. One has to keep in mind that this procedure is run each time a new rule is generated (consequently, when the genetic algorithm is initialized and run). Let's consider now the second subpopulation: the speculator agents. As said before, those agents do not arbitrate prices but rather try to make profit using trends or subjective knowledges. Therefore, their chromosome is constructed using this kind of market representations as shown in table 1.
How-ever, CDA is a complex dynamic system and we need a framework that captures the basic dynamics of the system. As Kirman and Vriend  argued, if we want to understand the dynamics of interactive market processes and the emergent properties of the evolving market structures and outcomes, it might pay to analyze explicitly how agents interact with each other and how information spreads through the market. A natural way to do this is following an agent-based computational Economics (ACE) approach (for reasons see Vriend ).