Complexity and Artificial Markets [Paperback]

In recent years, agent-based simulation has become a widely accepted tool when dealing with complexity in economics and other social sciences. The contributions presented in this book apply agent-based methods to derive results from complex models related to market mechanisms, evolution, decision making, and information economics. In addition, the applicability of agent-based methods to complex problems in economics is discussed from a methodological perspective. The papers presented in this collection combine approaches from economics, finance, computer science, natural sciences, philosophy, and cognitive sciences.

This book examines agent-based methods that can be used to derive results from complex models related to market mechanisms, evolution, decision making, and information economics.

In recent years, agent-based simulation has become a widely accepted tool when dealing with complexity in economics and other social sciences. The contributions presented in this book apply agent-based methods to derive results from complex models related to market mechanisms, evolution, decision making, and information economics. In addition, the applicability of agent-based methods to complex problems in economics is discussed from a methodological perspective. The papers presented in this collection combine approaches from economics, finance, computer science, natural sciences, philosophy, and cognitive sciences.

Part I Market Mechanisms: Zero-Intelligence Trading Without Resampling by Marco LiCalzi and Paolo Pellizzari.- Understanding the Price Dynamics of a Real Market Using Simulations: the Dutch Auction of the Pescara Wholesale Fish Market by Gianfranco Giulioni and Edgardo Bucciarelli.- Market Behavior under Zero-Intelligence Trading and Price Awareness by Lucia Milone.- Part II Evolution and Decision Making: Evolutionary Switching between Forecasting Heuristics: an Explanation of an Asset-Pricing Experiment by Mikhal"