By Norman Ehrentreich
From the reviews:
"The ebook lower than assessment is a vital and cautious learn of a few of the problems considering the workings of the SFI inventory industry. … in my view, Ehrentreich’s publication is a superb connection with either the educational, and empirical literature in finance." (Krzysztof Piasecki, Zentralblatt MATH, Vol. 1141, 2008)
"Norman Ehrentreich was once one of many bold few to tackle the version, and he has summarized his paintings and findings during this first-class e-book. … it truly is worthwhile primer for someone attracted to getting all started within the quarter of agent-based finance. … it really is crucial examining for someone drawn to the dynamics of the SFI industry particularly, yet I additionally suggest it for others as an invaluable source on agent-based monetary industry layout as well." (Blake LeBaron, magazine of synthetic Societies and Social Simulation, Vol. 12 (2), March, 2009)
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Extra info for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited
Experimental economists tend to employ reinforcement learning, ﬁctitious play, and indexlearning direction theory learning direction theory, while evolutionary algorithms and genetic programming are prominent in agent-based computational models. Besides the fact that mathematical economists are limited in their choice to analytically treatable models, these diﬀerent preferences within the economics profession mainly seem to reﬂect historical developments rather than inevitable design decisions.
353, 273], are contained in a special issue of the Journal of Economic Methodology. 22 3 The Concept of Minimal Rationality axioms require a complete, continuous, and transitive preference ordering which should be invariant to framing and independent of irrelevant alternatives. Finally, process rationality in economics implies the maximization of an objective function subject to some constraints. 3 Even though this is a widely accepted perception of rationality, attacks on it from within the economic profession or from other ﬁelds do not cease.
If the the monetary authorities increase the inﬂation rate, agents would soon begin to adjust their inﬂation expectations. Thus, instead of moving along a stable, negatively-sloped Phillips curve, the short-run Phillips curve shifts upwards, and after completion of the expectations adjustment process, the economy ends up with a higher inﬂation rate at the same equilibrium unemployment level. While Friedman did not specify the exact mechanism for adjusting inﬂation expectations, the following second stage in the Phillips curve discussion typically employed some kind of higher order autoregressive inﬂation expectations T E [pt+1 ] = cn pt−n .
Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited by Norman Ehrentreich