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Artificial Economics

The Generative Method in Economics

  • Book
  • © 2009

Overview

Editors:
  1. Cesáreo Hernández

    1. E.T.S. de Ingenieros Industriales, Universidad de Valladolid, Valladolid, Spain

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  2. Marta Posada

    1. E.T.S. de Ingenieros Industriales, Universidad de Valladolid, Valladolid, Spain

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  3. Adolfo López-Paredes

    1. E.T.S. de Ingenieros Industriales, Universidad de Valladolid, Valladolid, Spain

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Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 631)

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Table of contents (21 chapters)

  1. Front Matter

    Pages 1-20
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  2. Macroeconomics

    1. Front Matter

      Pages 1-1
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    2. A Potential Disadvantage of a Low Interest Rate Policy: the Instability of Banks Liquidity

      • Gianfranco Giulioni
      Pages 3-14

    3. Keynes in the Computer Laboratory. An Agent-Based Model with MEC, MPC, LP

      • Giulia Canzian, Edoardo Gaffeo, Roberto Tamborini
      Pages 15-28

    4. Pride and Prejudice on a Centralized Academic Labor Market

      • Philippe Caillou, Michele Sebag
      Pages 29-40

  3. Industrial Organization

    1. Front Matter

      Pages 42-42
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    2. U. S. Defense Market Concentration: An Analysis of the Period 1996–2006

      • Wayne Zandbergen
      Pages 43-52

    3. Operator’s Bidding Strategies in the Liberalized Italian Power Market

      • Eric Guerci, Mohammad Ali Rastegar, Silvano Cincotti
      Pages 53-66

    4. Selection Processes in a Monopolistic Competition Market

      • Jose I. Santos, Ricardo del Olmo, Javier Pajares
      Pages 67-77

  4. Market Dynamics and Auctions

    1. Front Matter

      Pages 80-80
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  5. Market dynamics and auctions

    1. Symmetric Equilibria in Double Auctions with Markdown Buyers and Markup Sellers

      • Roberto Cervone, Stefano Galavotti, Marco LiCalzi
      Pages 81-92

    2. Multi-Unit Auction Analysis by Means of Agent-Based Computational Economics

      • Asuncion Mochon, Yago Saez, David Quintana, Pedro Isasi
      Pages 93-101

    3. Social Learning and Pricing Obfuscation

      • Maciej Latek, Bogumil Kaminski
      Pages 103-114

  6. Finance

    1. Front Matter

      Pages 116-116
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    2. Mutual Funds Flows and the “Sheriff of Nottingham” Effect

      • Lucia Milone, Paolo Pellizzari
      Pages 117-128

    3. Foundations for a Framework for Multiagent-Based Simulation of Macrohistorical Episodes in Financial Markets

      • Bàrbara Llacay, Gilbert Peffer
      Pages 129-144

    4. Explaining Equity Excess Return by Means of an Agent-Based Financial Market

      • Andrea Teglio, Marco Raberto, Silvano Cincotti
      Pages 145-156

  7. Financial Markets

    1. Front Matter

      Pages 158-158
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    2. Bubble and Crash in the Artificial Financial Market

      • Yuji Karino, Toshiji Kawagoe
      Pages 159-170

    3. Computation of the Ex-Post Optimal Strategy for the Trading of a Single Financial Asset

      • Olivier Brandouy, Philippe Mathieu, Iryna Veryzhenko
      Pages 171-184
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Keywords

About this book

Simulation is used in economics to solve large econometric models, for large-scale micro simulations, and to obtain numerical solutions for policy design in top-down established models. But these applications fail to take advantage of the methods offered by artificial economics (AE) through artificial intelligence and distributed computing. AE is a bottom-up and generative approach of agent-based modelling developed to get a deeper insight into the complexity of economics. AE can be viewed as a very elegant and general class of modelling techniques that generalize numerical economics, mathematical programming and micro simulation approaches. The papers presented in this book address methodological questions and applications of AE to macroeconomics, industrial organization, information and learning, market dynamics, finance and financial markets.

Reviews

From the reviews: “Artificial Economics: The Generative Method in Economics represents the proceedings of the Artificial Economics Conference … . Given the breadth of topics covered – from Auction Theory to labor markets … certainly something to be found for everybody with an interest in Agent–Based Modeling in economics. … I have enjoyed reading the contributions to this volume. … This volume is an impressive snapshot of the current state of the art in Agent–Based Computational Economics and host to a lot of fresh ideas … .” (Wolfgang Radax, Journal of Artificial Societies and Social Simulation, Vol. 13 (1), 2010)

Editors and Affiliations

  • E.T.S. de Ingenieros Industriales, Universidad de Valladolid, Valladolid, Spain

    Cesáreo Hernández, Marta Posada, Adolfo López-Paredes

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