Advances in Artificial Economics The Economy as a Complex Dynamic System [Paperback]

This book is based on presentations at AE2006 (Aalborg, Denmark)  the second symposium on Artificial Economics. As a new constructive simulation method, Agent-Based Computational Economics (ACE) has in recent years proven its strength and applicability. Coverage in this volume extends to well known questions of economics, like the existence of market efficiency, and to questions raised by new analytical tools, for example networks of social interaction.

Perceiving the economy as a complex dynamic system, generates a need for new tools for its study. As a constructive simulation method, Agent-Based Computational Economics (ACE) has in recent years proven its strength and extensive applicability. Fields of study are widely spread within economics, with a cluster around financial markets. This book is based on communications given at AE2006 (Aalborg, Denmark)  the second symposium on Artificial Economics, and covers both wellknown questions of economics, like the existence of market efficiency, as well as new questions raised by the new tools, for example questions related to networks of social interaction.

Market Structure and Economic Behaviour.- Heterogeneous Beliefs Under Different Market Architectures.- The Allocative Effectiveness of Market Protocols Under Intelligent Trading.- Strategic Behaviour in Continuous Double Auction.- Market Efficiency and the Role of Speculation.- A Broad-Spectrum Computational Approach for Market Efficiency.- The Dynamics of Quote Prices in an Artificial Financial Market with Learning Effects.- Reduction of the Bullwhip Effect in Supply Chains Through Speculation.- Firm-Consumer Dynamics.- Co-evolutionary Market Dynamics in a Peaked Resource Space.- E-Consumers Search and Emerging Structure of Web-Sites Coalitions.- Agent Based Modeling of Trust Between Firms in Markets.- Investigations into Schumpeterian Economic Behaviour Using Swarm.- Social Interaction - Network Effects.- The Wisdom of NetlóY