Research Online

Logo

Goldsmiths - University of London

On Complex Economic Dynamics: Agent-Based Computational Modeling and Beyond

Chen, Shu-Heng; Du, Ye-Rong; Kao, Ying-Fang; Venkatachalam, Ragupathy and Yu, Tina. 2018. On Complex Economic Dynamics: Agent-Based Computational Modeling and Beyond. In: Shu-Heng Chen; Ying-Fang Kao; Ragupathy Venkatachalam and Ye-Rong Du, eds. Complex Systems Modeling and Simulation in Economics and Finance. Cham: Springer, pp. 1-14. ISBN 978-3-319-99624-0 [Book Section]

[img]
Preview
Text
Agent_based_Intro_2018.pdf - Accepted Version
Available under License Creative Commons Attribution Non-commercial.

Download (246kB) | Preview

Abstract or Description

This chapter provides a selective overview of the recent progress in the 6 study of complex adaptive systems. A large part of the review is attributed to agent- 7 based computational economics (ACE). In this chapter, we review the frontier of 8 ACE in light of three issues that have long been grappled with, namely financial 9 markets, market processes, and macroeconomics. Regarding financial markets, 10 we show how the research focus has shifted from trading strategies to trading 11 institutions, and from human traders to robot traders; as to market processes, we 12 empathetically point out the role of learning, information, and social networks 13 in shaping market (trading) processes; finally, in relation to macroeconomics, we 14 demonstrate how the competition among firms in innovation can affect the growth 15 pattern. A minor part of the review is attributed to the recent econometric computing, 16 and methodology-related developments which are pertinent to the study of complex 17 adaptive systems.

Item Type:

Book Section

Keywords:

Financial markets, Complexity thinking, Agent-based computational economics, Trading institutions, Market processes

Departments, Centres and Research Units:

Institute of Management Studies

Dates:

DateEvent
October 2018Accepted
December 2018Published

Item ID:

25167

Date Deposited:

11 Dec 2018 14:33

Last Modified:

11 Dec 2018 14:33

URI:

http://research.gold.ac.uk/id/eprint/25167

View statistics for this item...

Edit Record Edit Record (login required)