Abstract
We describe a model of a stockmarket in which independent adaptive agents can buy and sell stock on a central market. The overall market behavior, such as the stock price time series, is an emergent property of the agents' behavior. This approach to modelling a market is contrasted with conventional rational expectations approaches. Our model does not necessarily converge to an equilibrium, and can show bubbles, crashes, and continued high trading volume. © 1994.
Cite
CITATION STYLE
Palmer, R. G., Brian Arthur, W., Holland, J. H., LeBaron, B., & Tayler, P. (1994). Artificial economic life: a simple model of a stockmarket. Physica D: Nonlinear Phenomena, 75(1–3), 264–274. https://doi.org/10.1016/0167-2789(94)90287-9
Register to see more suggestions
Mendeley helps you to discover research relevant for your work.
