Abstract
Comparing with other sciences, the quantitative success of economic science is disappointing. People fly to the moon, the touch of a simple button can destroy more than half of the world and energy is extracted with the speed of light. During all these developments of science the economic achievements are somewhere near zero. The economists can praise however with the recurrent inability to predict and revaluate the crises and with the ability to create financial innovations. This study aims to present the benefits of the multi agent (MAS) models in the economy. In order to do that this paper intends to demonstrate the need of such models today. Furthermoreare presented some attempts of using multi agent models and concluding with the idea that the economy needs a scientific revolution, and this can be done using multi criteria or multi agent models.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Lauterbach, B., Schultz, P.: Pricing warrants: An empirical study of the Black-Scholes Model and its alternative. The Journal of Finance XLV(4), 1181–1209 (1990)
Allen, F.: Liquidity and crises, p. 78. Oxford University Press (2011)
Stiglitz, J.: Pareto efficient and optimal taxation and the new welfare economics, National Bureau of Economic Research, Cambridge, Working Paper 2189 (1987)
Allen, F., Gale, D.: Understanding financial crises. Clarendon Lectures in Finance. Oxford University Press, Oxford (2009)
Taylor, J.B.: The financial crisis and the policy responses: An empirical analysis of what went wrong, Cambridge, NBER Working Paper No. 14631 (2009)
Zopounidis, C., Pardalos, P.M. (eds.): Handbook of Multicriteria Analysis, Applied Optimization, vol. 103. Springer, Heidelberg (2010), doi:10.1007/978-3-540-92828-7_2
LeBaron, B.: Evolution and time horizons in an agent based stock market. Macroeconomic Dyn. 5(2), 225–254 (2001)
Stiglitz, J.E., Gallegati, M.: Heterogeneous Interacting Agent Models for Understanding Monetary Economies. Eastern Economic Journal 37, 6–12 (2011)
Tampu, D.L., Costea, C.: A Concerning View In The Liquidity Crisis Through The Game Theory. Journal of Information Systems and Operations Management 6(1), 175–184 (2012)
LeBaron, B., Arthur, W.B., Palmer, R.: Time series properties of an artificial stock market. J. Economic Dyn. Control 23(9-10), 1487–1516 (1999)
LeBaron, B.: Agent-based computational finance: Suggested readings and early research. Journal of Economic Dynamics and Control 24(5-7), 679–702 (2000)
Battiston, S., Delli Gatti, D., Gallegati, M., Greenwald, B., Stiglitz, J.E.: Credit Chains and Bankruptcies Avalanches in Production Networks. Journal of Economic Dynamics and Control 31, 2061–2084 (2007)
Raberto, M., Cincotti, S.: Multi-agent modeling and simulation of a sequential monetary production economy. t Computing in Economics and Finance, p. 260. Society for Computational Economics (2004)
Costea, C.: Application of Tuncay’s Language Teacher Model to Business-Customer Relations. International Journal of Modern Physics C 19(02), 267–270
Vasile, A., Costea, C.-E., Viciu, T.-G.: An Evolutionary Game Theory Approach to Market Competition and Cooperation. Advs. Complex Syst. 15, 1250044, 15 (2012), doi:10.1142/S0219525912500440
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2013 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Costea, C., Tâmpu, D. (2013). The MAS Models Use – An Imperative Approach to Build a New Economic Paradigm. In: Ventre, A., Maturo, A., Hošková-Mayerová, Š., Kacprzyk, J. (eds) Multicriteria and Multiagent Decision Making with Applications to Economics and Social Sciences. Studies in Fuzziness and Soft Computing, vol 305. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-35635-3_6
Download citation
DOI: https://doi.org/10.1007/978-3-642-35635-3_6
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-35634-6
Online ISBN: 978-3-642-35635-3
eBook Packages: EngineeringEngineering (R0)