We present an overview of some representative Agent-Based Models in Economics. We discuss why and how Agent-Based Models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond the Classical Theory of Economics. We perform a schematic analysis of several models with respect to some specific key categories such as agents' strategies, price evolution, number of agents, etc. In the conclusive part of this review we address some open questions and future perspectives and highlight the conceptual importance of some usually neglected topics, such as non-stationarity and the self-organization of financial markets. ©2012 by Società Italiana di Fisica.
Critical overview of agent-based models for economics / Cristelli, Matthieu; Pietronero, Luciano; A., Zaccaria. - ELETTRONICO. - 176:(2012), pp. 235-282. (Intervento presentato al convegno International School of Physics "Enrico Fermi" on Complex Materials in Physics and Biology tenutosi a Varenna nel 29 June 2010 through 9 July 2010) [10.3254/978-1-61499-071-0-235].
Critical overview of agent-based models for economics
CRISTELLI, MATTHIEU;PIETRONERO, Luciano;
2012
Abstract
We present an overview of some representative Agent-Based Models in Economics. We discuss why and how Agent-Based Models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond the Classical Theory of Economics. We perform a schematic analysis of several models with respect to some specific key categories such as agents' strategies, price evolution, number of agents, etc. In the conclusive part of this review we address some open questions and future perspectives and highlight the conceptual importance of some usually neglected topics, such as non-stationarity and the self-organization of financial markets. ©2012 by Società Italiana di Fisica.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
