Download Realistic Simulation of Financial Markets: Analyzing Market by Hajime Kita, Kazuhisa Taniguchi, Yoshihiro Nakajima PDF

By Hajime Kita, Kazuhisa Taniguchi, Yoshihiro Nakajima

This booklet takes up specified agent-based techniques to fixing difficulties on the topic of inventory and their spinoff markets. towards this finish, the authors have labored for greater than 15 years at the improvement of a man-made marketplace simulator referred to as U-Mart to be used as a study and academic device. A noteworthy function of the U-Mart simulator in comparison to different man made marketplace simulators is that U-Mart is an ultra-realistic synthetic inventory and their spinoff industry simulator. for instance, it will possibly simulate “arrowhead,” a next-generation buying and selling procedure utilized in the Tokyo inventory alternate and different significant markets, because it takes under consideration the institutional layout of the complete marketplace. one other attention-grabbing characteristic of the U-Mart simulator is that it allows either human and computing device courses to take part at the same time as investors within the synthetic industry. during this publication, first the main points of U-Mart are defined, allowing readers to put in and run the simulator on their pcs for learn and academic reasons. The simulator hence can be utilized for gaming simulation of the substitute marketplace or even for clients as brokers to enforce their very own buying and selling innovations for agent-based simulation (ABS).The ebook additionally provides chosen study instances utilizing the U-Mart simulator. the following, issues comprise automatic acquisition of buying and selling procedure utilizing man made intelligence options, review of a industry maker process to regard skinny markets reminiscent of these for small and neighborhood companies, systemic possibility research of the monetary industry contemplating institutional layout of the marketplace, and research of the way people behave and research in gaming simulation. New views on man made industry examine are supplied, and the ability, strength, and problem of ABS are mentioned. As defined during this very important paintings, ABS is taken into account to be a good software because the 3rd procedure of social technology, an alternative choice to conventional literary and mathematical approaches.

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By Hajime Kita, Kazuhisa Taniguchi, Yoshihiro Nakajima

This booklet takes up specified agent-based techniques to fixing difficulties on the topic of inventory and their spinoff markets. towards this finish, the authors have labored for greater than 15 years at the improvement of a man-made marketplace simulator referred to as U-Mart to be used as a study and academic device. A noteworthy function of the U-Mart simulator in comparison to different man made marketplace simulators is that U-Mart is an ultra-realistic synthetic inventory and their spinoff industry simulator. for instance, it will possibly simulate “arrowhead,” a next-generation buying and selling procedure utilized in the Tokyo inventory alternate and different significant markets, because it takes under consideration the institutional layout of the complete marketplace. one other attention-grabbing characteristic of the U-Mart simulator is that it allows either human and computing device courses to take part at the same time as investors within the synthetic industry. during this publication, first the main points of U-Mart are defined, allowing readers to put in and run the simulator on their pcs for learn and academic reasons. The simulator hence can be utilized for gaming simulation of the substitute marketplace or even for clients as brokers to enforce their very own buying and selling innovations for agent-based simulation (ABS).The ebook additionally provides chosen study instances utilizing the U-Mart simulator. the following, issues comprise automatic acquisition of buying and selling procedure utilizing man made intelligence options, review of a industry maker process to regard skinny markets reminiscent of these for small and neighborhood companies, systemic possibility research of the monetary industry contemplating institutional layout of the marketplace, and research of the way people behave and research in gaming simulation. New views on man made industry examine are supplied, and the ability, strength, and problem of ABS are mentioned. As defined during this very important paintings, ABS is taken into account to be a good software because the 3rd procedure of social technology, an alternative choice to conventional literary and mathematical approaches.

Show description

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Extra info for Realistic Simulation of Financial Markets: Analyzing Market Behaviors by the Third Mode of Science

Sample text

What kind of situation does the ArrowDebreu equilibrium describe? Is it a long-term equilibrium or a short-term equilibrium? There are many careless misinterpretations. Many people believe that the Arrow-Debreu equilibrium is a long-term one. Defenders of GET say that equilibrium may not establish itself instantaneously, but it will appear, sooner or later, after a sufficient time of the “tâtonnements” (groping process). If this interpretation is to be plausible, only two cases are possible. In case I, all endowments are given constantly by nature, and there are no futures markets.

Moreover, this method is in some sense contradictory to the well-established custom of economics. 26 Many theoretical economists were afraid to lose mathematics as a tool of analysis. They knew that real agents were not behaving as utility or profit maximizers, but they preferred to conserve tools rather than to abandon them. Similar logic had worked with regard to the equilibrium framework. In any market economy, prices and quantities are mutually dependent. This kind of mutual dependence can be analyzed by two methods: one is equilibrium analysis and the other is process analysis.

542]. Many, if not all, firms set their product prices, yet they are competing with each other fiercely. Most firms operate with constant or decreasing costs when considering overhead. 13 Second, as mentioned above, it was not the rise of the production cost that prevented firms from expanding their production. Without reducing prices or paying more marketing costs, they cannot expect to sell more than they actually do. Put another way, firms produce as much as the demand is expressed (or expected) for their products.

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