Artificial Markets Modeling (eBook)

Preface 5
Contents 8
List of Contributors 11
Macroeconomic Issues 14
1 Beyond the Static Money Multiplier: In Search of a Dynamic Theory of Money 15
2 Macroeconomic Effects of the Interest Rate Level: Growth and Fluctuations in an Economy with Bank Capital Adequacy Standards 29
3 Monetary Policy Experiments in an Artificial Multi- Market Economy with Reservation Wages 45
Market Mechanisms and Agents Behavior 57
4 Testing Double Auction as a Component Within a Generic Market Model Architecture 58
5 A Conceptual Framework for the Evaluation of Agent- Based Trading and Technical Analysis 73
6 Which Market Protocols Facilitate Fair Trading? 90
Market Dynamics and Efficiency 107
7 An Artificial Economics View of the Walrasian and Marshallian Stability 108
8 The Performance of Option–Trading Software Agents: Initial Results 119
9 Studies on the Impact of the Option Market on the Underlying Stock Market 132
10 On Rational Noise Trading and Market Impact 145
Analysis of Economic and Social Networks 158
11 A Note on Symmetry in Job Contact Networks 159
12 Innovation and Knowledge Spillovers in a Networked Industry 172
13 Heterogeneous Agents with Local Social Influence Networks: Path Dependence and Plurality of Equilibria in the ACE Noiseless Case 182
14 Economy-Driven Shaping of Social Networks and Emerging Class Behaviors 196
15 Group Effect, Productivity and Segregation Optimality 209
16 The Grass is Always Greener on the Other Side of the Fence: The Effect of Misperceived Signalling in a Network Formation Process 223
Methodological Issues and Applications 235
17 Market Selection of Competent Venture Capitalists 236
18 A Binary Particle Swarm Optimization Algorithm for a Double Auction Market 248
19 Better-Reply Strategies with Bounded Recall 257