Search results for "Market system"
showing 6 items of 6 documents
The Dynamics of Quote Prices in an Artificial Financial Market with Learning Effects
2007
In this paper we study the evolution of bid and ask prices in an electronic financial market populated by portfolio traders who optimally choose their allocation strategy on the basis of their views about market conditions. Recently, a growing literature has investigated the consequences of learning about the returns process1. There has been an increasing interest in analyzing what are the implications of relaxing the assumption that agents hold correct expectations. In particular, it has been asked the fundamental question of understanding if typical asset-pricing anomalies (like returns predictability, and excess volatility) can be generated by a learning process about the underlying econ…
Social Networks and Labour–Education Market System
2015
Two facts about human beings are widely accepted: they are social creatures and they behave in a bounded rational way. In particular, this results in substantial use of social networks in individual decision-making. Before dealing with the issues of modelling individual behaviour in the labour–education market system, we have to recall some empirical facts known from the literature about this behaviour. This is exactly what this chapter provides.
Complex Adaptive Systems and Agent-Based Modelling
2015
In a labour–education market system, there are many individuals and firms with adaptive behaviour. As we have seen in the previous chapter, networks are prevalent in LEMS and play an important role in many decisions of its actors. Thus, LEMS can be analysed as a complex adaptive system (CAS). Agent-based modelling (ABM) is typically used for such purposes, and the next chapter will dig into details of various ways of applying ABM in modelling LEMS. To be ready for it, we first have to understand the motivation behind and the details of this method. This is what will be discussed here.
Assessment of Agricultural Options Available for Saving Orange Cultivation in Ribera Baixa (Valencia, Spain)
2014
Orange cropping has been in practice in Ribera Baixa (Valencia, Spain) for several centuries. During the past decade, orange cropping has been under severe economic stress arising from increasing competition from less-costly foreign imports. Consequently, farm-gate prices are depressed, under the regime of fixed percentage distribution of retail pricing. Orange groves are being abandoned in many instances. A practicable and sustainable solution to this persistent economic problem would require a re-structuring of the marketing system to facilitate the sales of organic products and introduction of organic growing practices for oranges as well as secondary organic tree crops.
Using Agent-Based Modelling in Studying Labour–Education Market System
2015
We’re now ready for a discussion on how exactly one could build an agent-based model of labour–education market system (LEMS). This discussion will necessarily be quite abstract, because particular mechanisms built into the model (agents, their behaviour, interactions, other structures) depend heavily on the purpose of the model. I’ll focus on general approaches and mechanisms that you may find useful when building agent-based models of LEMS.