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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/64760


    Title: The Agent-Based Double Auction Markets: 15 Years On
    Authors: 陳樹衡
    Chen, Shu-Heng;Tai, Chung-Ching
    Contributors: 經濟系
    Keywords: Novelties discovering;Economic changes;Double auctions;Genetic programming;Autonomous agents
    Date: 2010
    Issue Date: 2014-03-20 17:08:37 (UTC+8)
    Abstract: Novelties discovering as a source of constant change is the essence of economics. However, most economic models do not have the kind of novelties-discovering agents required for constant changes. This silence was broken by Andrews and Prager 15 years ago when they placed GP (genetic programming)-driven agents in the double auction market. The work was, however, neither economically well interpreted nor complete; hence the silence remains in economics. In this article, we revisit their model and systematically conduct a series of simulations to better document the results. Our simulations show that human-written programs, including some reputable ones, are eventually outperformed by GP. The significance of this finding is not that GP is alchemy. Instead, it shows that novelties-discovering agents can be introduced into economic models, and their appearance inevitably presents threats to other agents who then have to react accordingly. Hence, a potentially indefinite cycle of change is triggered.
    Relation: Simulating Interacting Agents and Social Phenomena Agent-Based Social Systems Volume 7, 2010, pp 119-136
    Data Type: book/chapter
    Appears in Collections:[經濟學系] 專書/專書篇章

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