Download Advances in Artificial Economics: The Economy as a Complex by Charlotte Bruun PDF

By Charlotte Bruun

This ebook is predicated on shows at AE’2006 (Aalborg, Denmark) – the second one symposium on man made Economics. As a brand new confident simulation process, Agent-Based Computational Economics (ACE) has lately confirmed its power and applicability. insurance during this quantity extends to popular questions of economics, just like the lifestyles of marketplace potency, and to questions raised by means of new analytical instruments, for instance networks of social interaction.

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Additional info for Advances in Artificial Economics: The Economy as a Complex Dynamic System (Lecture Notes in Economics and Mathematical Systems)

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2) The Kaplan (K) agent is the third type agent we consider. It was the winner in the tournament of Santa Fe Institute in 1993 (Rust et al. [11]). The basic idea behind the Kaplan strategy is: ”wait in the background and let others negotiate. When an order is interesting, accept it”. K agents must be parasitic on the intelligent agents to trade and to obtain profit. If all traders in the market are K agents no trade will take place. In our model, we consider one more decision: Which strategy should they choose to obtain higher profit?

While if all sellers are K agents the transaction price are in the buyers side. This effect is bigger under asymmetric environments. If supply is perfectly elastic (E2F) and all sellers are K agents, their profit should theoretically be cero because their valuations are equal to the competitive equilibrium price. But this does not happen. As in the symmetric case above, they steal all the buyers surplus. Accordingly the profits achieved by the K agents (light bars) are greater than the profits of GD agents (dark bar).

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