Agent-based modeling (ABM) is a novel computational methodology for representing the
behavior of individuals in order to study social phenomena. Its use is rapidly growing in …

The computational complexity of two classes of market mechanisms is compared. First the
Walrasian interpretation in which prices are centrally computed by an auctioneer. Recent …

Abstract Kohn (The Cato Journal, 24 (3): 303–339, 2004) has argued that the neoclassical
conception of economics—what he terms the “value paradigm”—has experienced …

Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the
development of a new synthesis that combines insights of new classical, new Keynesian …

This pioneering book describes the applications of agent-based modeling to financial
markets. It presents a new paradigm for finance, where markets are treated as complex …

This paper argues that most of the problems that actuaries have to deal with in the context of
non-life insurance can be usefully cast in the framework of computational intelligence (aka …

While macroeconomics has never denied the essentially microeconomic character of most
economic activity, it is only in the past 30À40 years that the quest for microeconomic …

During liquidity shocks such as occur when margin calls force the liquidation of leveraged
positions, there is a widening disparity between the reaction speed of the liquidity …

I have always found it useful to think of a modern free-enterprise economy as a human
anthill. Like an anthill, it organizes individuals' activities into patterns more complex than the …

Both the scientific community and the popular press have paid much attention to the speed
of the Securities Information Processor-the data feed consolidating all trades and quotes …