Artificial Markets Modeling Methods and Applications [Paperback]

This volume features contributions to agent-based computational modeling from the social sciences and computer sciences. It presents applications of methodologies and tools, focusing on the uses, requirements, and constraints of agent-based models used by social scientists. Topics include agent-based macroeconomics, the emergence of norms and conventions, the dynamics of social and economic networks, and behavioral models in financial markets.

Agent-based computational modeling with its intrinsic multidisciplinary approach is gaining increasing recognition in the social sciences, particularly in economics, business and finance. The methodology is now widely used to compute analytical models numerically and test them for departures from theoretical assumptions, and to provide stand-alone simulation models for problems that are analytically intractable.This volume is devoted to recent contributions to the field from both the social sciences and computer sciences. It presents applications of agent-based computational methodologies and tools in the social sciences, focusing strongly on the uses, requirements and constraints of agent-based models employed by social scientists. Topics include agent-based macroeconomics, the emergence of norms and conventions, the dynamics of social and economic networks, and behavioral models in financial markets.

Macroeconomic Issues.- Beyond the Static Money Multiplier: In Search of a Dynamic Theory of Money.- Macroeconomic Effects of the Interest Rate Level: Growth and Fluctuations in an Economy with Bank Capital Adequacy Standards.- Monetary Policy Experiments in an Artificial Multi-Market Economy with Reservation Wages.- Market Mechanisms and Agents Behavior.- Testing Double Auction as a Component Within a Generic Market Model Architecture.- A Conceptual Framework for the Evaluation of Agent-Based Trading and Technical Analysis.- Which Market Protocols Facilitate Fair Trading?.- Market Dynamics andl#