By Norman Ehrentreich
From the reviews:
"The booklet lower than assessment is a crucial and cautious learn of a few of the problems fascinated with the workings of the SFI inventory marketplace. … for my part, Ehrentreich’s booklet is a superb connection with either the educational, and empirical literature in finance." (Krzysztof Piasecki, Zentralblatt MATH, Vol. 1141, 2008)
"Norman Ehrentreich was once one of many bold few to tackle the version, and he has summarized his paintings and findings during this very good e-book. … it's important primer for an individual drawn to getting begun within the zone of agent-based finance. … it's crucial interpreting for somebody attracted to the dynamics of the SFI industry particularly, yet I additionally suggest it for others as an invaluable source on agent-based monetary marketplace layout as well." (Blake LeBaron, magazine of synthetic Societies and Social Simulation, Vol. 12 (2), March, 2009)
Read Online or Download Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited PDF
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Extra info for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited
20 3 The Concept of Minimal Rationality Instead of creating economic models which are based on more realistic assumptions of individual behaviors, the arguments above suggest that one can easily take a shortcut by outright assuming rational behavior. This is also in line with Friedman’s other famous claim that the realism of an assumption does not matter as long it yields correct predictions. This argument was also used by Becker , who showed that negatively inclined market demand curves can result both from rational and irrational behavior.
2 Economic, Bounded, and Situational Rationality Learning in an evolutionary context is often considered to be an adaptive process enabling agents to become rational. The prevailing concept of rationality in economics is an operational reﬁnement of the former popular term self-interest and includes perception, preference, and process rationality . Perception rationality assumes that agents behave as if they process information to form perceptions and beliefs by using Bayesian statistical principles.
1, agents do not adapt their inﬂation expectations at all. 28 3 The Concept of Minimal Rationality positive inﬂation rates, individuals’ inﬂation expectations will thus consistently be downwardly biased. 3) T α(1 − α)n pt−n = n=0 certainly increased the level of rationality in expectation formation, these concepts are oriented completely backwards. Agents do not consider any information they might have about future events aﬀecting the inﬂation rate. Neglecting this information is certainly less rational than using it.