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]

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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 Institute of Management Studies > Structural Economic Analysis
Dates:	Date Event October 2018 Accepted December 2018 Published
Item ID:	25167
Date Deposited:	11 Dec 2018 14:33
Last Modified:	26 Feb 2024 13:21
URI:	https://research.gold.ac.uk/id/eprint/25167

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