Agent-Based Methods in Economics and Finance: Simulations in by Charlotte Bruun (auth.), Francesco Luna, Alessandro Perrone PDF

By Charlotte Bruun (auth.), Francesco Luna, Alessandro Perrone (eds.)

ISBN-10: 146135238X

ISBN-13: 9781461352389

ISBN-10: 1461507855

ISBN-13: 9781461507857

This moment e-book on monetary and financial simulations in Swarm marks the ongoing development through a bunch of researchers to include agent-based laptop types as an immense instrument inside their disci­ pline. it really is encouraging to determine any such transparent instance of Swarm supporting to foster a group of clients who depend on the Swarm framework for his or her personal analyses. Swarm goals at legitimizing agent-based computing device types as a device for the learn of advanced platforms. one other objective is universal base framework will result in the expansion of consumer groups in particular components of program. by means of offering an organizing framework to lead the improvement of extra problem-specific constructions, and through facing a complete diversity of concerns that have an effect on their basic correctness and their skill to be built and reused, Swarm has sought to make using agent-based versions a sound instrument of clinical research that still meets the sensible wishes of investigators inside of a community.

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Additional resources for Agent-Based Methods in Economics and Finance: Simulations in Swarm

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This is particularly unfortunate since Terna in other respects successfully obtains the modularity which is a prerequisite for reuse of code. 4. Building Blocks Supplied by ORECOS The developers of ORECOS (ORganizational ECOsystems Simulator) describe it as a toolkit designed to facilitate organizational analysis (Schlueter-Langdon, Bruhn and Shaw (2000)). The organizational structure analyzed is supply chains, and the elements that this toolkit can 22 ECONOMIC AND FINANCIAL SIMULATIONS IN SWARM supply to an economics framework, are methods for handling industry level and input-output systems.

Some agents (honest), furthermore, derive utility from being honest, other agents (imitative) derive utility from being close to the average, whereas the last group (free riders) derives utility from not paying taxes. It would be nice if this model could make use of a standardized way of handling utility. The utility functions used are probably close to the literature, but it seems strange to have this mixture of goods and income in a utility function 23 • Modeling utility is a vital part of an economics framework since utility constitutes probably the weakest element in economic simulation approaches.

2000)) has a more complex subdivision of an enterprise since focus is on demand management policies I supply chain modeling. g .. ). Since focus is on demand management, the interrelatedness of enterprises is not as well specified here as in the ORECOS model. Whereas the ORECOS model has both "upstream" (input) and "downstream" (output) relations, Lin et al. only model the upstream relations. The suggested frameworks for economics is not ideal for modeling a structure as the supply chain, but still the model may benefit from different aspects of the framework.

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Agent-Based Methods in Economics and Finance: Simulations in Swarm by Charlotte Bruun (auth.), Francesco Luna, Alessandro Perrone (eds.)


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