Emergent Results of Artificial Economics (Lecture Notes in Economics and Mathematical Systems, 652)

Artificial economics is a computational approach that aims to explain economic systems by modeling them as societies of intelligent software agents. The individual agents make autonomous decisions, but their actual behaviors are constrained by available resources, other individuals' behaviors, and institutions. Intelligent software agents have communicative skills that enable simulation of negotiation, trade, reputation, and other forms of knowledge transfer that are at the basis of economic life. Incorporated learning mechanisms may adapt the agents' behaviors. In artificial economics, all system behavior is generated from the individual agents' simulated decisions; no system level laws are a priori imposed. For instance, price convergence and market clearing may emerge, but not necessarily. Thus, artificial economics facilitates the study of the mechanisms that make the economy function. This book presents a selection of peer-reviewed papers addressing recent developments in this field between economics and computer science. Front Matter....Pages i-xx Front Matter....Pages 1-1 Multi-Agent Stochastic Simulation for the Electricity Spot Market Price....Pages 3-14 Referral Hiring and Labor Markets: a Computational Study....Pages 15-25 An Agent-Based Information Management Approach to Smoothen the Pork Cycle in China....Pages 27-38 Front Matter....Pages 39-39 Do Capital Requirements Affect Long-Run Output Trends?....Pages 41-52 Modeling the Textbook Fractional Reserve Banking System.....Pages 53-64 Learning to Trade in an Unbalanced Market....Pages 65-76 Front Matter....Pages 77-77 Effectivity of Multi Criteria Decision-Making in Organisations: Results of an Agent-Based Simulation....Pages 79-90 The Problem of Emergency Department Overcrowding: Agent-Based Simulation and Test by Questionnaire....Pages 91-102 An Agent-based Model of Food Safety Practices Adoption....Pages 103-114 Front Matter....Pages 115-115 Why Should the Economy be Competitive?....Pages 117-128 Economic Growth by Waste Generation: the Dynamics of a Vicious Circle....Pages 129-138 Using Agentization for Exploring Firm and Labor Dynamics....Pages 139-150 Front Matter....Pages 151-151 Firm Entry Diversity, Resource Space Heterogeneity and Market Structure....Pages 153-164 Time-Dependent Trading Strategies in a Continuous Double Auction....Pages 165-176 An ACE Wholesale Electricity Market Framework with Bilateral Trading....Pages 177-188 Front Matter....Pages 189-189 Dynamics of Cooperation in Spatial Prisoner’s Dilemma of Memory-Based Players....Pages 191-200 Indian Food Supply Chains: a Game and Model to Study Economic Behavior....Pages 201-212