Evolutionary Computation in Economics and Finance


Book Description

After a decade's development, evolutionary computation (EC) proves to be a powerful tool kit for economic analysis. While the demand for this equipment is increasing, there is no volume exclusively written for economists. This volume for the first time helps economists to get a quick grasp on how EC may support their research. A comprehensive coverage of the subject is given, that includes the following three areas: game theory, agent-based economic modelling and financial engineering. Twenty leading scholars from each of these areas contribute a chapter to the volume. The reader will find himself treading the path of the history of this research area, from the fledgling stage to the burgeoning era. The results on games, labour markets, pollution control, institution and productivity, financial markets, trading systems design and derivative pricing, are new and interesting for different target groups. The book also includes informations on web sites, conferences, and computer software.




10th International Conference on Soft Computing Models in Industrial and Environmental Applications


Book Description

This volume of Advances in Intelligent and Soft Computing contains accepted papers presented at the 10th International Conference on Soft Computing Models in Industrial and Environmental Applications (SOCO 2015), held in the beautiful and historic city of Burgos (Spain), in June 2015. Soft computing represents a collection or set of computational techniques in machine learning, computer science and some engineering disciplines, which investigate, simulate and analyze very complex issues and phenomena. This Conference is mainly focused on its industrial and environmental applications. After a through peer-review process, the SOCO 2015 International Program Committee selected 41 papers, written by authors from 15 different countries. These papers are published in present conference proceedings, achieving an acceptance rate of 40%. The selection of papers was extremely rigorous in order to maintain the high quality of the conference and we would like to thank the members of the International Program Committees for their hard work during the review process. This is a crucial issue for creation of a high standard conference and the SOCO conference would not exist without their help.




Industry and Labor Dynamics


Book Description

This book presents the contributions to the first Wild@Ace conference. The acronym stands for ?Workshop on Industrial and Labor Dynamics ? The Agent-Based Computational Aproach?, and it has been the first event ever focusing on the very promising use of the agent-based simulation approach for investigation of labor economics and industrial organization issues.Agent-based models are computer models in which a multitude of agents ? each embodied in a specific software code ? interact. These agents can represent individuals households, firms, institutions, etc. Moreover, ?special? agents can be added to observe and monitor individual and collective behavior. One of the main purpose of writing an ACE model is to gain intuitions on the two-way feedback between the microstructure and the macrostructure of a phenomenon of interest. How is it that simple aggregate regularities may arise from individual disorder? Or that a nice structure at an individual level may lead to a complete absence of regularity in the aggregate? How is it that the complex interaction of very simple individuals may lead to surprisingly complicated aggregate dynamics? Or that sophisticated agents may be unable to organize themselves in any interesting way?The book includes contributions by some of the most distinguished researchers in the field, such as the economists Alan Kirman, Giovanni Dosi, Leigh Tesfatsion and Mauro Gallegati, and the sociologist Nigel Gilbert.




The Oxford Handbook of Computational Economics and Finance


Book Description

The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.




Complexity Hints for Economic Policy


Book Description

This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.




Industry And Labor Dynamics: The Agent-based Computational Economics Approach - Proceedings Of The Wild@ace 2003 Workshop


Book Description

This book presents the contributions to the first Wild@Ace conference. The acronym stands for “Workshop on Industrial and Labor Dynamics — The Agent-Based Computational Aproach”, and it has been the first event ever focusing on the very promising use of the agent-based simulation approach for investigation of labor economics and industrial organization issues.Agent-based models are computer models in which a multitude of agents — each embodied in a specific software code — interact. These agents can represent individuals households, firms, institutions, etc. Moreover, “special” agents can be added to observe and monitor individual and collective behavior. One of the main purpose of writing an ACE model is to gain intuitions on the two-way feedback between the microstructure and the macrostructure of a phenomenon of interest. How is it that simple aggregate regularities may arise from individual disorder? Or that a nice structure at an individual level may lead to a complete absence of regularity in the aggregate? How is it that the complex interaction of very simple individuals may lead to surprisingly complicated aggregate dynamics? Or that sophisticated agents may be unable to organize themselves in any interesting way?The book includes contributions by some of the most distinguished researchers in the field, such as the economists Alan Kirman, Giovanni Dosi, Leigh Tesfatsion and Mauro Gallegati, and the sociologist Nigel Gilbert.




AI 2004: Advances in Artificial Intelligence


Book Description

This book constitutes the refereed proceedings of the 17th Australian Conference on Artificial Intelligence, AI 2004, held in Cairns, Australia, in December 2004. The 78 revised full papers and 62 revised short papers presented were carefully reviewed and selected from 340 submissions. The papers are organized in topical sections on agents; biomedical applications; computer vision, image processing, and pattern recognition; ontologies, knowledge discovery and data mining; natural language and speech processing; problem solving and reasoning; robotics; and soft computing.




Agent-Based Computational Economics


Book Description

This book aims to answer two questions that are fundamental to the study of agent-based economic models: what is agent-based computational economics and why do we need agent-based economic modelling of economy? This book provides a review of the development of agent-based computational economics (ACE) from a perspective on how artificial economic agents are designed under the influences of complex sciences, experimental economics, artificial intelligence, evolutionary biology, psychology, anthropology and neuroscience. This book begins with a historical review of ACE by tracing its origins. From a modelling viewpoint, ACE brings truly decentralized procedures into market analysis, from a single market to the whole economy. This book also reviews how experimental economics and artificial intelligence have shaped the development of ACE. For the former, the book discusses how ACE models can be used to analyse the economic consequences of cognitive capacity, personality and cultural inheritance. For the latter, the book covers the various tools used to construct artificial adaptive agents, including reinforcement learning, fuzzy decision rules, neural networks, and evolutionary computation. This book will be of interest to graduate students researching computational economics, experimental economics, behavioural economics, and research methodology.




Economic Report Series


Book Description