| Publications [#247623] of Richard G. Palmer
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- Palmer, RG; Brian Arthur, W; Holland, JH; LeBaron, B; Tayler, P (1994). Artificial economic life: a simple model of a stockmarket. Physica D: Nonlinear Phenomena, 75(1-3), 264-274. [doi]
(last updated on 2024/03/28)
Abstract: 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.
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