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Get Agent-Based Modeling: The Santa Fe Institute Artificial PDF

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By Norman Ehrentreich

ISBN-10: 3540738789

ISBN-13: 9783540738787

This ebook reconciles the lifestyles of technical buying and selling with the effective marketplace speculation. via examining a well known agent-based version, the Santa Fe Institute man made inventory marketplace (SFI-ASM), it reveals that after selective forces are vulnerable, monetary evolution can't be sure that basically the fittest buying and selling principles will live on. Its major contribution lies within the program of normal effects from inhabitants genetics that have largely been ignored within the agent-based neighborhood.

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Extra info for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems)

Example text

In this respect, procedural or situational rationality, to be defined below, are more economical concepts of rationality. A survey about violations of the basic postulates of economic rationality can be found in [64]. Herbert A. Simon revived the Scottish word ”satisficing” (=satisfying) to denote problem solving and decision making that sets an aspiration level, searches until an alternative is found that is satisfactory by the aspiration level criterion, and elects that alternative [394, Part IV ].

When all agents are equipped with a rule set of their own, and agents do not communicate about their favorite rules, GA learning takes place only on the individual level [9, 244]. Vriend [431] has demonstrated in a standard Cournot oligopoly game that social or individual GA learning may yield sharply different results. He showed that profit maximizing firms that used a social GA learning algorithm converged to the Cournot-Nash output level while individual learning moved the firms to the competitive Walrasian output level.

13 Scientific parsimony, for which Occam’s razor stands, tells us to prefer the postulate that men are merely reasonable over the postulate that they are supremely rational [396]. However, in his Nobel Prize lecture, Simon [397] points out that Occam’s razor has a double edge. Even though satisficing models allow for weaker rationality assumptions, optimization models can be stated more briefly than the former. The two edges thus cut in opposite directions. 14 Minimal rationality is seen as a straightforward application of situational 11 12 13 14 Rubinstein, however, allows for investor heterogeneity by allowing differences of opinion and uncertainties about other investors’ characteristics.

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Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems) by Norman Ehrentreich

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