Download or read book Complexity and Artificial Markets written by Klaus Schredelseker and published by Springer Science & Business Media. This book was released on 2008-07-30 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, agent-based simulation has become a widely accepted tool when dealing with complexity in economics and other social sciences. The contributions presented in this book apply agent-based methods to derive results from complex models related to market mechanisms, evolution, decision making, and information economics. In addition, the applicability of agent-based methods to complex problems in economics is discussed from a methodological perspective. The papers presented in this collection combine approaches from economics, finance, computer science, natural sciences, philosophy, and cognitive sciences.
Download or read book Artificial Markets Under a Complexity Perspective written by and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Managing Market Complexity written by Andrea Teglio and published by Springer Science & Business Media. This book was released on 2012-07-16 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of artificial economics (AE) embraces a broad range of methodologies relying on computer simulations in order to model and study the complexity of economic and social phenomena. The overarching principle of AE is the analysis of aggregate properties of artificial economies populated by adaptive agents that are equipped with behavioural rules and specific individual targets. These aggregate properties are neither foreseen nor intended by the artificial agents; conversely they are emerging characteristics of such artificially simulated systems. The book presents a peer-reviewed collection of papers addressing a variety of issues related to macroeconomics, industrial organization, networks, management and finance, as well as purely methodological issues.
Download or read book Agent Based Modeling written by Norman Ehrentreich and published by Springer Science & Business Media. This book was released on 2007-10-30 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book reconciles the existence of technical trading with the Efficient Market Hypothesis. By analyzing a well-known agent-based model, the Santa Fe Institute Artificial Stock Market (SFI-ASM), it finds that when selective forces are weak, financial evolution cannot guarantee that only the fittest trading rules will survive. Its main contribution lies in the application of standard results from population genetics which have widely been neglected in the agent-based community.
Download or read book The Economics of Artificial Intelligence written by Ajay Agrawal and published by University of Chicago Press. This book was released on 2024-03-05 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: A timely investigation of the potential economic effects, both realized and unrealized, of artificial intelligence within the United States healthcare system. In sweeping conversations about the impact of artificial intelligence on many sectors of the economy, healthcare has received relatively little attention. Yet it seems unlikely that an industry that represents nearly one-fifth of the economy could escape the efficiency and cost-driven disruptions of AI. The Economics of Artificial Intelligence: Health Care Challenges brings together contributions from health economists, physicians, philosophers, and scholars in law, public health, and machine learning to identify the primary barriers to entry of AI in the healthcare sector. Across original papers and in wide-ranging responses, the contributors analyze barriers of four types: incentives, management, data availability, and regulation. They also suggest that AI has the potential to improve outcomes and lower costs. Understanding both the benefits of and barriers to AI adoption is essential for designing policies that will affect the evolution of the healthcare system.
Download or read book Complexity and the Economy written by W. Brian Arthur and published by Oxford University Press. This book was released on 2014-10-02 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics is changing. In the last few years it has generated a number of new approaches. One of the most promising - complexity economics - was pioneered in the 1980s and 1990s by a small team at the Santa Fe Institute. Economist and complexity theorist W. Brian Arthur led that team, and in this book he collects many of his articles on this new approach. The traditional framework sees behavior in the economy as in an equilibrium steady state. People in the economy face well-defined problems and use perfect deductive reasoning to base their actions on. The complexity framework, by contrast, sees the economy as always in process, always changing. People try to make sense of the situations they face using whatever reasoning they have at hand, and together create outcomes they must individually react to anew. The resulting economy is not a well-ordered machine, but a complex evolving system that is imperfect, perpetually constructing itself anew, and brimming with vitality. The new vision complements and widens the standard one, and it helps answer many questions: Why does the stock market show moods and a psychology? Why do high-tech markets tend to lock in to the dominance of one or two very large players? How do economies form, and how do they continually alter in structure over time? The papers collected here were among the first to use evolutionary computation, agent-based modeling, and cognitive psychology. They cover topics as disparate as how markets form out of beliefs; how technology evolves over the long span of time; why systems and bureaucracies get more complicated as they evolve; and how financial crises can be foreseen and prevented in the future.
Download or read book Realistic Simulation of Financial Markets written by Hajime Kita and published by Springer. This book was released on 2016-07-06 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes up unique agent-based approaches to solving problems related to stock and their derivative markets. Toward this end, the authors have worked for more than 15 years on the development of an artificial market simulator called U-Mart for use as a research and educational tool. A noteworthy feature of the U-Mart simulator compared to other artificial market simulators is that U-Mart is an ultra-realistic artificial stock and their derivative market simulator. For example, it can simulate “arrowhead,” a next-generation trading system used in the Tokyo Stock Exchange and other major markets, as it takes into consideration the institutional design of the entire market. Another interesting feature of the U-Mart simulator is that it permits both human and computer programs to participate simultaneously as traders in the artificial market. In this book, first the details of U-Mart are explained, enabling readers to install and run the simulator on their computers for research and educational purposes. The simulator thus can be used for gaming simulation of the artificial market and even for users as agents to implement their own trading strategies for agent-based simulation (ABS).The book also presents selected research cases using the U-Mart simulator. Here, topics include automated acquisition of trading strategy using artificial intelligence techniques, evaluation of a market maker system to treat thin markets such as those for small and regional businesses, systemic risk analysis of the financial market considering institutional design of the market, and analysis of how humans behave and learn in gaming simulation. New perspectives on artificial market research are provided, and the power, potential, and challenge of ABS are discussed. As explained in this important work, ABS is considered to be an effective tool as the third approach of social science, an alternative to traditional literary and mathematical approaches.
Download or read book Complexity and the Economy written by W. Brian Arthur and published by Oxford University Press, USA. This book was released on 2015 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of previous published papers by the author on the subject of complexity economics, appearing from the 1980s to the present.
Download or read book Complexity written by Chris Mowles and published by Routledge. This book was released on 2021-11-29 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book interprets insights from the complexity sciences to explore seven types of complexity better to understand the predictable unpredictability of social life. Drawing on the natural and social sciences, it describes how complexity models are helpful but insufficient for our understanding of complex reality. Taking an interdisciplinary approach, the book develops a complex theory of action more consistent with our experience that our plans inevitably lead to unexpected outcomes, explains why we are both individuals and thoroughly social, and gives an account of why, no matter how clear our message, we may still be misunderstood. The book investigates what forms of knowledge are most helpful for thinking about complex experience, reflects on the way we exercise authority (leadership) and thinks through the ethical implications of trying to co-operate in a complex world. Taking complexity seriously poses a radical challenge to more orthodox theories of managing and leading, based as they are on assumptions of predictability, control and universality. The author argues that management is an improvisational practice which takes place in groups in a particular context at a particular time. Managers can influence but never control an uncontrollable world. To become more skilful in complex group dynamics involves taking into account multiple points of view and acknowledging not knowing, ambivalence and doubt. This book will be of interest to researchers, professionals, academics and students in the fields of business and management, especially those interested in how taking complexity seriously can influence the functioning of businesses and organizations and how they manage and lead.
Download or read book Systems Thinking and Process Dynamics for Marketing Systems written by Rajagopal and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book describes a holistic approach to monitoring, evaluating, and applying appropriate marketing strategies, and understanding the competition and its future implication on the business of a company"--Provided by publisher.
Download or read book Complexity in Financial Markets written by Matthieu Cristelli and published by Springer Science & Business Media. This book was released on 2013-08-28 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tools and methods from complex systems science can have a considerable impact on the way in which the quantitative assessment of economic and financial issues is approached, as discussed in this thesis. First it is shown that the self-organization of financial markets is a crucial factor in the understanding of their dynamics. In fact, using an agent-based approach, it is argued that financial markets’ stylized facts appear only in the self-organized state. Secondly, the thesis points out the potential of so-called big data science for financial market modeling, investigating how web-driven data can yield a picture of market activities: it has been found that web query volumes anticipate trade volumes. As a third achievement, the metrics developed here for country competitiveness and product complexity is groundbreaking in comparison to mainstream theories of economic growth and technological development. A key element in assessing the intangible variables determining the success of countries in the present globalized economy is represented by the diversification of the productive basket of countries. The comparison between the level of complexity of a country's productive system and economic indicators such as the GDP per capita discloses its hidden growth potential.
Download or read book Evaluating the Effects of Artificial Intelligence on Complexity in Marketing written by and published by GRIN Verlag. This book was released on 2021-03-30 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,9, Reutlingen University (ESB Business School), language: English, abstract: The research question explored in this paper is about a potential benefit of AI in marketing, which to this day is comparatively unexplored. Even though the concept of AI has been around since the 1950s, and current research and development make significant progress in this area, scientific literature dealing with AI in marketing consists of less than 300 published articles. This paper distinguishes itself from related papers, as it goes beyond investigating whether AI has an impact on business or not. The results of this thesis shall not only show the potential AI holds for marketing, but also suggest constant theoretical exploration of untapped fields in marketing. The Internet of things (IoT) and big data changed customer behavior and how businesses work. This trend has led to a continued increase in complexity for marketing managers. In 2017, 8.4 billion devices were connected to the internet. This number is forecasted to increase to 20.4 billion by 2020. The immense amount of data generated, collected, and analyzed has propelled new markets, such as big data and artificial intelligence. Marketing managers struggle to keep up with the sheer volume of data available and the surging complexity of marketing. Connecting dispersed data and finding patterns, leads to helpful insights, which are said to reduce complexity. Many businesses lack a clear strategy to tap into the benefits of AI and gain a competitive advantage.
Download or read book Agent based Approaches in Economic and Social Complex Systems written by Akira Namatame and published by IOS Press. This book was released on 2002 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores the field of artificial intelligence and features in-depth coverage of important theoretical areas including computational organization, computational economics, computational approaches in social science, and game theory. The conception of the multi-agent system is particularly attractive, as it promises autonomy based on the conceptual speciality of a rational agent as well as collective behaviour through interactions.
Download or read book The Economy As An Evolving Complex System II written by W. Brian Arthur and published by CRC Press. This book was released on 2018-05-04 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new view of the economy as an evolving, complex system has been pioneered at the Santa Fe Institute over the last ten years, This volume is a collection of articles that shape and define this view?a view of the economy as emerging from the interactions of individual agents whose behavior constantly evolves, whose strategies and actions are always adapting.The traditional framework in economics portrays activity within an equilibrium steady state. The interacting agents in the economy are typically homogenous, solve well-defined problems using perfect rationality, and act within given legal and social structures. The complexity approach, by contrast, sees economic activity as continually changing?continually in process. The interacting agents are typically heterogeneous, they must cognitively interpret the problems they face, and together they create the structures?markets, legal and social institutions, price patters, expectations?to which they individually react. Such structures may never settle down. Agents may forever adapt and explore and evolve their behaviors within structures that continually emerge and change and disappear?structures these behaviors co-create. This complexity approach does not replace the equilibrium one?it complements it.The papers here collected originated at a recent conference at the Santa Fe Institute, which was called to follow up the well-known 1987 SFI conference organized by Philip Anderson, Kenneth Arrow, and David Pines. They survey the new study of complexity and the economy. They apply this approach to real economic problems and they show the extent to which the initial vision of the 1987 conference has come to fruition.
Download or read book Artificial Intelligence for Capital Markets written by Syed Hasan Jafar and published by CRC Press. This book was released on 2023-05-15 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Artificial Intelligence for Capital Market throws light on the application of AI/ML techniques in the financial capital markets. This book discusses the challenges posed by the AI/ML techniques as these are prone to "black box" syndrome. The complexity of understanding the underlying dynamics for results generated by these methods is one of the major concerns which is highlighted in this book. Features: Showcases artificial intelligence in finance service industry Explains credit and risk analysis Elaborates on cryptocurrencies and blockchain technology Focuses on the optimal choice of asset pricing model Introduces testing of market efficiency and forecasting in the Indian stock market This book serves as a reference book for academicians, industry professionals, traders, finance managers and stock brokers. It may also be used as textbook for graduate level courses in financial services and financial analytics.
Download or read book Simply Complexity written by Neil Johnson and published by Simon and Schuster. This book was released on 2009-10-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new branch of science which will reveal how to avoid the rush hour, overcome cancer, and find the perfect date What do traffic jams, stock market crashes, and wars have in common? They are all explained using complexity, an unsolved puzzle that many researchers believe is the key to predicting - and ultimately solving - everything from terrorist attacks and pandemic viruses right down to rush hour traffic congestion. Complexity is considered by many to be the single most important scientific development since general relativity and promises to make sense of no less than the very heart of the Universe. Using it, scientists can find order emerging from seemingly random interactions of all kinds, from something as simple as flipping coins through to more challenging problems such as predicting shopping habits, the patterns in modern jazz, and the growth of cancer tumours.
Download or read book Knowledge Complexity and Innovation Systems written by Manfred M. Fischer and published by Springer Science & Business Media. This book was released on 2013-11-27 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been growing scientific interest in the triangular relationship between knowledge. complexity and innovation systems. The concept of'innovation systems' carries the idea that innovations do not originate as isolated discrete phenomena, but are generated through the interaction of a number of actors or agents. This set of actors and interactions possess certain specific characteristics that tend to remain over time. Such characteristics are also shared by national, regional, sectoral and technological interaction systems. They can all be represented as sets of [institutional] actors and interactions, whose ultimate goal is the production and diffusion of knowledge. The major theoretical and policy problem posed by these systems is that knowledge is generated not only by individuals and organisations, but also by the often complex pattern of interaction between them. To understand how organisations create new products, new production techniques and new organisational forms is important. An even more fundamental need is to understand how organisations create new knowledge if this knowledge creation lies in the mobilisation and conversion of tacit knowledge. Although much has been written about the importance of knowledge in management, little attention has been paid to how knowledge is created and how the knowledge creation process is managed. The third component of the research triangle concerns complexity.
