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.
Read Online or Download Advances in Artificial Economics: The Economy as a Complex Dynamic System (Lecture Notes in Economics and Mathematical Systems) PDF
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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)
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. ). 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).