Abstract
Similar to the models discussed in the previous section, the Santa Fe Institute Artificial Stock Market (SFI-ASM) is a model with many trading strategies which are improved over time. The departures from the neoclassical framework are only minimal. Agents derive their optimal demands by maximizing a utility function and, therefore, behave quite rationally in the standard economic sense. Only because they are assumed to be heterogeneous with respect to their expectations, can they not be modeled as fully rational.
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© 2008 Springer-Verlag Berlin Heidelberg
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(2008). The Original Santa Fe Institute Artificial Stock Market. In: Agent-Based Modeling. Lecture Notes in Economics and Mathematical Systems, vol 602. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-73879-4_6
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DOI: https://doi.org/10.1007/978-3-540-73879-4_6
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-73878-7
Online ISBN: 978-3-540-73879-4
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