Publications [#247623] of Richard G. Palmer

Papers Published
  1. Palmer, RG; Arthur, WB; Holland, JH; LeBaron, B; Tayler, P, Artificial economic life: a simple model of a stockmarket, Physica D: Nonlinear Phenomena, vol. 75 no. 1-3 (1994), pp. 264-274 .

    We describe a model of a stockmarket in which independent adaptive agents can buy and sell stock on a central market. The overall market behavior, such as the stock price time series, is an emergent property of the agents' behavior. This approach to modelling a market is contrasted with conventional rational expectations approaches. Our model does not necessarily converge to an equilibrium, and can show bubbles, crashes, and continued high trading volume. © 1994.