Get Agent-Based Modeling: The Santa Fe Institute Artificial PDF

By Norman Ehrentreich

ISBN-10: 3540738789

ISBN-13: 9783540738787

This e-book reconciles the lifestyles of technical buying and selling with the effective marketplace speculation. by means of examining a widely known agent-based version, the Santa Fe Institute synthetic inventory marketplace (SFI-ASM), it reveals that after selective forces are susceptible, monetary evolution can't make sure that basically the fittest buying and selling ideas will live on. Its major contribution lies within the software of normal effects from inhabitants genetics that have largely been missed within the agent-based neighborhood.

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Additional resources for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems)

Sample text

Adaptation could then be visualized as a process of “hill-climbing” through minor modifications towards “peaks” of high fitness on this fitness landscape [215]. 21 18 19 20 21 Gray codes are named after Frank Gray, who developed them in 1953 for use in shaft encoders. More on the history and the use of Gray codes can be found in [173, 144, 343]. An overview of different encoding and decoding functions for GAs is given in [94]. More information on fitness scaling and possible mappings of objective values into fitness functions can be found in [162].

The black box criticism is the argument that the results of computational models are counterintuitive and incomprehensible because the computer program generating the results is only seen as an impenetrable black box. For Judd, this objection points to a more general problem of how computational studies are presented. Opening the black box by making the source code publicly available is one way to address this problem, extensive sensitivity analysis is another. The current fragmentation of the agent-based community in economics with respect to programming languages and simulation platforms may limit the impact of 21 22 23 Axelrod [13] views simulation as a third research method in science.

In economics, the tension between inductive and deductive methods culminated in the famous “Methodenstreit” (conflict of methods) between Gustav Schmoller, a representative of the Younger Historical School in Germany, and Carl Menger as a member of the Austrian School of Economics. A similar trade-off between rigor and relevance in economics is presented in [291]. 24 But as with the lack of sufficient sensitivity analyses and standardized testing methods for computational models, it should not be a severe obstacle for the usefulness of agentbased simulation in economics.

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Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited (Lecture Notes in Economics and Mathematical Systems) by Norman Ehrentreich


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