By Charlotte Bruun
This publication is predicated on shows at AE’2006 (Aalborg, Denmark) – the second one symposium on synthetic Economics. As a brand new positive simulation strategy, Agent-Based Computational Economics (ACE) has in recent times confirmed its power and applicability. assurance during this quantity extends to renowned questions of economics, just like the lifestyles of marketplace potency, and to questions raised via new analytical instruments, for instance networks of social interaction.
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Additional resources for Advances in Artificial Economics: The Economy as a Complex Dynamic System (Lecture Notes in Economics and Mathematical Systems)
M aCini ) for the corresponding units. Here M aCi1 is the marginal cost to seller I of the ﬁrst unit, M aCi2 is the cost of the second unit, and so on. Buyer j has nj units to trade and he has a vector of reserve prices (RPj1 , RPj2 , . . , RPjmj ) for the corresponding units. Here RPj1 is the reserve price to seller I of the ﬁrst unit, RPj2 is the reserve price of the second unit, and so on. These valuations are private. Our model does not have environmental restrictions and it allows us to simulate any environment in terms of the number of traders, their units and the valuations of each trader.
Price dispersion. The ranking with respect to price dispersion is B > H > D >> C, where > stands for “lower dispersion” and >> for “much lower dispersion”. The batch auction minimizes price dispersion and the continuous double auction yields by far the worst performance in this respect. Intelligent trading is overall damaging but with an ambiguous eﬀect. More intelligence on choice of the side of the transaction increases the dispersion, while a more 2 Allocative Eﬀectiveness and Intelligent Trading 29 aggressive pricing behavior has a mild moderating eﬀect.
Realistic market protocols require far less information from traders and should not be expected to perform as smoothly. This raises the question of ranking the eﬀectiveness of those diﬀerent market protocols which are commonly used in real markets; see Audet et al (2002) or Satterthwaite and Williams (2002). Assuming that they all pass the test of achieving an eﬃcient allocation, which additional criteria should enter in their comparison? Walrasian tˆatonnement suggests at least three possibilities: excess volume, time to convergence, and price dispersion.