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| Title | The Agent-Based Double Auction Markets: 15 Years On |
| Creator | 陳樹衡 Chen, Shu-Heng ; Tai, Chung-Ching |
| Contributor | 經濟系 |
| Key Words | Novelties discovering; Economic changes; Double auctions; Genetic programming; Autonomous agents |
| Date | 2010 |
| Date Issued | 20-Mar-2014 17:08:37 (UTC+8) |
| Summary | 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 |
| Type | book/chapter |
| dc.contributor | 經濟系 | en_US |
| dc.creator (作者) | 陳樹衡 | zh_TW |
| dc.creator (作者) | Chen, Shu-Heng ; Tai, Chung-Ching | en_US |
| dc.date (日期) | 2010 | en_US |
| dc.date.accessioned | 20-Mar-2014 17:08:37 (UTC+8) | - |
| dc.date.available | 20-Mar-2014 17:08:37 (UTC+8) | - |
| dc.date.issued (上傳時間) | 20-Mar-2014 17:08:37 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/64760 | - |
| dc.description.abstract (摘要) | 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. | en_US |
| dc.format.extent | 5533479 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Simulating Interacting Agents and Social Phenomena Agent-Based Social Systems Volume 7, 2010, pp 119-136 | en_US |
| dc.subject (關鍵詞) | Novelties discovering; Economic changes; Double auctions; Genetic programming; Autonomous agents | en_US |
| dc.title (題名) | The Agent-Based Double Auction Markets: 15 Years On | en_US |
| dc.type (資料類型) | book/chapter | en |