Data Processing

Download e-book for iPad: Agent-Based Modeling: The Santa Fe Institute Artificial by Norman Ehrentreich

By Norman Ehrentreich

ISBN-10: 3540738789

ISBN-13: 9783540738787

This e-book reconciles the life of technical buying and selling with the effective industry speculation. by means of studying a widely known agent-based version, the Santa Fe Institute man made inventory marketplace (SFI-ASM), it reveals that after selective forces are susceptible, monetary evolution can't be sure that basically the fittest buying and selling ideas will live on. Its major contribution lies within the program of ordinary effects from inhabitants genetics that have broadly 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

First, individuals are likely to improve their decision rules less stochastically than suggested by the genetic operators , crossover, and selection, which are essentially stochastic processes. Brenner finds that motivational aspects cannot be adequately captured by evolutionary algorithms. 6 Third, the definition of a fitness function is easier and more objective than the way individuals attribute success to certain decision rules. In spite of these concerns, evolutionary algorithms continue to be widely used to model learning processes.

Even though satisficing models allow for weaker rationality assumptions, optimization models can be stated more briefly than the former. The two edges thus cut in opposite directions. 14 Minimal rationality is seen as a straightforward application of situational 11 12 13 14 Rubinstein, however, allows for investor heterogeneity by allowing differences of opinion and uncertainties about other investors’ characteristics. Friedman also claims that if there is one hypothesis that is consistent with the available evidence, then there is an infinite number that are consistent (p.

However, it has already been mentioned that the definition of rationality in economics is rather new and much more specific than it used to be in the scientific tradition invoked by Rubinstein. Proponents of the bounded rationality approach to economics often invoke a principle known as Occam’s razor to justify their deviance from full rationality. This principle is attributed to the Franciscan monk William of Occam (ca. ”13 Scientific parsimony, for which Occam’s razor stands, tells us to prefer the postulate that men are merely reasonable over the postulate that they are supremely rational [396].

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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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