By Norman Ehrentreich
From the reviews:
"The publication less than overview is a vital and cautious research of a few of the problems excited about the workings of the SFI inventory marketplace. … for my part, Ehrentreich’s publication is a wonderful connection with either the educational, and empirical literature in finance." (Krzysztof Piasecki, Zentralblatt MATH, Vol. 1141, 2008)
"Norman Ehrentreich was once one of many bold few to tackle the version, and he has summarized his paintings and findings during this first-class e-book. … it's necessary primer for somebody drawn to getting began within the zone of agent-based finance. … it truly is crucial studying for someone attracted to the dynamics of the SFI marketplace particularly, yet I additionally suggest it for others as an invaluable source on agent-based monetary industry layout as well." (Blake LeBaron, magazine of synthetic Societies and Social Simulation, Vol. 12 (2), March, 2009)
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Extra info for Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited
3 Rationality-Based Learning Models In the beginnings of modeling learning in economics, normative approaches such as Bayesian or least-square learning have been the most dominant. 2 Descriptions of both learning types can be found in [52, 53]. In the case of Bayesian learning, individuals start out with an initial set of hypotheses H about the situation they face. , for each hypothesis e∈E P (e|h) = 1. In period 0, agents typically assign to each hypothesis h an equal probability p(h, 0). If better information is available, these so-called prior probabilities might diﬀer from each other.
Bower and Hilgard add that it is necessary that this change “cannot be explained on the basis of the subject’s native response tendencies, maturation, or temporary states (such as fatigue, drunkenness, drives, and so on)” [50, p. 11]. The emphasis on change in response probability or behavior potentiality indicates that learning may not be translated into behavior until some time after the learning has taken place . Because of this, learning may not be immediately observable. According to Brenner, this speciﬁcation does not matter in an economic context.
12 If several hypotheses perform equally well for predictive purposes, Friedman’s instrumentalist answer does not help in deciding which level of rationality should be preferred. Since descriptive validity of the model’s assumptions does not matter either in his view, what is then a suﬃcient criterion for choosing among alternative levels of agents’ rationality? The Prime Directive asserts always picking the (most) rational model. The philosophical basis for the preferential treatment of (economic) rationality is sought by Rubinstein in the long cultural and scientiﬁc tradition dating back to the ancient Greeks who spoke of “reason” as the guide to life.
Agent-Based Modeling: The Santa Fe Institute Artificial Stock Market Model Revisited by Norman Ehrentreich