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Cognitive Agents Behaving in a Simple Stock Market Structure

  • Pietro Terna
Part of the Advances in Computational Economics book series (AICE, volume 17)

Abstract

We introduce here the SUM model-the Surprising (Un)realistic Market model-an agent based framework that allows us to deal with the micro-foundations of a stock market. We avoid any artificially simplified solution about price formation, such as to employ an auctioneer to clear the market; on the contrary, our model produces time series of prices continuously evolving, transaction by transaction.

Keywords

Artificial Neural Network Cognitive Agent External Objective Random Coefficient Current Price 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 2002

Authors and Affiliations

  • Pietro Terna
    • 1
  1. 1.Dipartimento di Scienze economiche e finanziarie G.PratoUniversità di TorinoTorinoItaly

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