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Author : Steven Gjerstad
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (319 download)
Download or read book Price Formation in Double Auctions written by Steven Gjerstad and published by . This book was released on 1995 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Daniel Friedman
Publisher : Routledge
ISBN 13 : 0429972164
Total Pages : 447 pages
Book Rating : 4.4/5 (299 download)
Download or read book The Double Auction Market written by Daniel Friedman and published by Routledge. This book was released on 2018-05-04 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.
Author : Abdolkarim Sadrieh
Publisher : Springer Science & Business Media
ISBN 13 : 3642589537
Total Pages : 359 pages
Book Rating : 4.6/5 (425 download)
Download or read book The Alternating Double Auction Market written by Abdolkarim Sadrieh and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for "impatience equilibria" of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the "anchor price hypothesis".
Author : Jimingx Liu
Publisher : Springer
ISBN 13 : 3540453709
Total Pages : 383 pages
Book Rating : 4.5/5 (44 download)
Download or read book E-Commerce Agents written by Jimingx Liu and published by Springer. This book was released on 2003-06-29 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: Among the many changes brought by the Internet is the emergence of electronic commerce over the Web. E-commerce activities, such as the online exchange of information, services, and products, are opening up completely new opportunities for business, at new levels of productivity and profitability. In parallel with the emergence of e-commerce, intelligent software agents as entities capable of independent action in open, unpredictable environments have matured into a promising new technology. Quite naturally, e-commerce agents hold great promise for exploiting the Internet's full potential as an electronic marketplace. The 20 coherently written chapters in this book by leading researchers and professionals present the state of the art in agent-mediated e-commerce. Researchers, professionals, and advanced students interested in e-commerce or agent technology will find this book an indispensable source of information and reference.
Author : Huiye Ma
Publisher : Springer Science & Business Media
ISBN 13 : 3764387300
Total Pages : 142 pages
Book Rating : 4.7/5 (643 download)
Download or read book Bidding Strategies in Agent-Based Continuous Double Auctions written by Huiye Ma and published by Springer Science & Business Media. This book was released on 2008-09-15 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a new bidding strategy for agents to adopt in continuous double auctions (CDAs) and proposes some generally used tools to enhance the performance of existing bidding strategies in CDAs. It is the first book to focus on CDAs where a limited amount of seller agents and buyer agents trade what they want. The superior performance of the new bidding strategy and the tools proposed by this book are illustrated through extensive experiments.
Author : Daniel Friedman
Publisher : Westview Press
ISBN 13 : 9780201624595
Total Pages : 464 pages
Book Rating : 4.6/5 (245 download)
Download or read book The Double Auction Market written by Daniel Friedman and published by Westview Press. This book was released on 1993-03-21 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers focuses on markets organized as double auctions (DA). In a double auction, both buyers and sellers can actively present bids (offers to buy) and asks (offers to sell) for standardized units of well-defined commodities and securities. A classic example of a DA market (known by practitioners as an open outcry market) is the commodity trading pit at the Chicago Board of Trade. A related process is a call market, which is used to determine opening prices on the New York Stock Exchange. Already the predominant trading institution for financial and commodities markets, the double auction has many variants and is evolving rapidly in the present era of advancing computer technology and regulatory reform. DA markets are of theoretical as well as practical interest in view of the central role these institutions play in allocating resources. Although the DA has been studied intensively in the laboratory, and practitioners have considerable experience in the field, only recently have tools started to become available to provide the underpinning of a behavioral theory of DA markets.
Author : Paul Klemperer
Publisher : Princeton University Press
ISBN 13 : 0691186294
Total Pages : 246 pages
Book Rating : 4.6/5 (911 download)
Download or read book Auctions written by Paul Klemperer and published by Princeton University Press. This book was released on 2018-06-05 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments use them to sell everything from oilfields to pollution permits, and to privatize companies; consumers rely on them to buy baseball tickets and hotel rooms, and economic theorists employ them to explain booms and busts. Auctions make up many of the world's most important markets; and this book describes how auction theory has also become an invaluable tool for understanding economics. Auctions: Theory and Practice provides a non-technical introduction to auction theory, and emphasises its practical application. Although there are many extremely successful auction markets, there have also been some notable fiascos, and Klemperer provides many examples. He discusses the successes and failures of the one-hundred-billion dollar "third-generation" mobile-phone license auctions; he, jointly with Ken Binmore, designed the first of these. Klemperer also demonstrates the surprising power of auction theory to explain seemingly unconnected issues such as the intensity of different forms of industrial competition, the costs of litigation, and even stock trading 'frenzies' and financial crashes. Engagingly written, the book makes the subject exciting not only to economics students but to anyone interested in auctions and their role in economics.
Author : Philippe Mathieu
Publisher : Springer Science & Business Media
ISBN 13 : 3540285474
Total Pages : 238 pages
Book Rating : 4.5/5 (42 download)
Download or read book Artificial Economics written by Philippe Mathieu and published by Springer Science & Business Media. This book was released on 2005-12-17 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agent-based Computational Economics (ACE) is a new discipline of economics, largely grounded on concepts like evolution, auto-organisation and emergence: it intensively uses computer simulations as well as artificial intelligence, mostly based on multi-agents systems. The purpose of this book is to give an up-to date view of the scientific production in the fields of Agent-based Computational Economics (mainly in Market Finance and Game Theory). Based on communications given at AE'2005 (Lille, USTL, France), this book offers a wide panorama of recent advances in ACE (both theoretical and methodological) that will interest academics as well as practitioners.
Author : Jean-Philippe Bouchaud
Publisher : Cambridge University Press
ISBN 13 : 1108639062
Total Pages : 464 pages
Book Rating : 4.1/5 (86 download)
Download or read book Trades, Quotes and Prices written by Jean-Philippe Bouchaud and published by Cambridge University Press. This book was released on 2018-03-22 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: The widespread availability of high-quality, high-frequency data has revolutionised the study of financial markets. By describing not only asset prices, but also market participants' actions and interactions, this wealth of information offers a new window into the inner workings of the financial ecosystem. In this original text, the authors discuss empirical facts of financial markets and introduce a wide range of models, from the micro-scale mechanics of individual order arrivals to the emergent, macro-scale issues of market stability. Throughout this journey, data is king. All discussions are firmly rooted in the empirical behaviour of real stocks, and all models are calibrated and evaluated using recent data from Nasdaq. By confronting theory with empirical facts, this book for practitioners, researchers and advanced students provides a fresh, new, and often surprising perspective on topics as diverse as optimal trading, price impact, the fragile nature of liquidity, and even the reasons why people trade at all.
Author : Timothy N. Cason
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (321 download)
Download or read book An Empirical Analysis of Price Formation in Double Auction Markets written by Timothy N. Cason and published by . This book was released on 1990 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David J. Salant
Publisher : MIT Press
ISBN 13 : 0262028263
Total Pages : 199 pages
Book Rating : 4.2/5 (62 download)
Download or read book A Primer on Auction Design, Management, and Strategy written by David J. Salant and published by MIT Press. This book was released on 2014-12-19 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to modeling and analyzing auctions, with the applications of game theory and auction theory to real-world auction decision making. Auctions are highly structured market transactions primarily used in thin markets (markets with few participants and infrequent transactions). In auctions, unlike most other markets, offers and counteroffers are typically made within a structure defined by a set of rigid and comprehensive rules. Because auctions are essentially complex negotiations that occur within a fully defined and rigid set of rules, they can be analyzed by game theoretic models more accurately and completely than can most other types of market transactions. This book offers a guide for modeling, analyzing, and predicting the outcomes of auctions, focusing on the application of game theory and auction theory to real-world auction design and decision making. After a brief introduction to fundamental concepts from game theory, the book explains some of the more significant results from the auction theory literature, including the revenue (or payoff) equivalence theorem, the winner's curse, and optimal auction design. Chapters on auction practice follow, addressing collusion, competition, information disclosure, and other basic principles of auction management, with some discussion of auction experiments and simulations. Finally, the book covers auction experience, with most of the discussion centered on energy and telecommunications auctions, which have become the proving ground for many new auction designs. A clear and concise introduction to auctions, auction design, and auction strategy, this Primer will be an essential resource for students, researchers, and practitioners.
Author : Drew Fudenberg
Publisher : MIT Press
ISBN 13 : 0262303760
Total Pages : 616 pages
Book Rating : 4.2/5 (623 download)
Download or read book Game Theory written by Drew Fudenberg and published by MIT Press. This book was released on 1991-08-29 with total page 616 pages. Available in PDF, EPUB and Kindle. Book excerpt: This advanced text introduces the principles of noncooperative game theory in a direct and uncomplicated style that will acquaint students with the broad spectrum of the field while highlighting and explaining what they need to know at any given point. This advanced text introduces the principles of noncooperative game theory—including strategic form games, Nash equilibria, subgame perfection, repeated games, and games of incomplete information—in a direct and uncomplicated style that will acquaint students with the broad spectrum of the field while highlighting and explaining what they need to know at any given point. The analytic material is accompanied by many applications, examples, and exercises. The theory of noncooperative games studies the behavior of agents in any situation where each agent's optimal choice may depend on a forecast of the opponents' choices. "Noncooperative" refers to choices that are based on the participant's perceived selfinterest. Although game theory has been applied to many fields, Fudenberg and Tirole focus on the kinds of game theory that have been most useful in the study of economic problems. They also include some applications to political science. The fourteen chapters are grouped in parts that cover static games of complete information, dynamic games of complete information, static games of incomplete information, dynamic games of incomplete information, and advanced topics.
Author : Raymond Riezman
Publisher : World Scientific
ISBN 13 : 9814397407
Total Pages : 418 pages
Book Rating : 4.8/5 (143 download)
Download or read book International Trade Agreements and Political Economy written by Raymond Riezman and published by World Scientific. This book was released on 2013-03-25 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a comprehensive view of recent developments in the theory of international trade agreements and political economy, by focusing on research by Raymond Riezman. This pioneering work introduced terms of trade effects and strategic behavior to the theory of international trade agreements. This is complemented by a careful analysis of how politics affects international trade agreements. The book brings together work which focuses on the question of why international trade agreements occur and what forms they take. Contents:Tariffs and Trade Agreements:A 3X3 Model of Customs UnionsTariff Retaliation from a Strategic ViewpointCustoms Unions and the CoreDo Big Countries Win Tariff Wars?Optimal Tariff Equilibria with Customs UnionsDynamic Tariffs with Asymmetric InformationUnderstanding the Welfare Implications of Preferential Trade AgreementsA Strategic and Welfare Theoretic Analysis of Free Trade AreasHow Often are Propositions on the Effects of Regional Trade Agreements Theoretical Curiosa?Free Trade: What are the Terms-of-Trade Effects?Political Economy and Voting Models:Voter Preferences for Trade Policy InstrumentsSeniority in LegislaturePolitical Reform and Trade PolicyThe Sources of Protectionist Drift in Representative DemocraciesMinorities and Storable VotesInternational Trade Topics:Uncertainty and the Choice of Trade Policy in Oligopolistic IndustriesAn Experimental Investigation of the Patterns of International TradeThe Principles of Exchange Rate Determination in an International Finance ExperimentTrade Shocks and Macroeconomic Fluctuations in AfricaTrade, and the Distribution of Human Capital Readership: Graduates and researchers in international economics; professionals and policy makers involved in decisions related to international trade; general public interested in political economy. Keywords:International Trade;Political Economy;Theory of International Free Trade Agreements;Customs Unions;Tariff Dynamics;Storable VotesKey Features:Unique treatment of international trade agreements and political influences on themBrings together work which focuses on the question of why international trade agreements occur
Author : David Easley
Publisher : Cambridge University Press
ISBN 13 : 1139490303
Total Pages : 745 pages
Book Rating : 4.1/5 (394 download)
Download or read book Networks, Crowds, and Markets written by David Easley and published by Cambridge University Press. This book was released on 2010-07-19 with total page 745 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are all film stars linked to Kevin Bacon? Why do the stock markets rise and fall sharply on the strength of a vague rumour? How does gossip spread so quickly? Are we all related through six degrees of separation? There is a growing awareness of the complex networks that pervade modern society. We see them in the rapid growth of the internet, the ease of global communication, the swift spread of news and information, and in the way epidemics and financial crises develop with startling speed and intensity. This introductory book on the new science of networks takes an interdisciplinary approach, using economics, sociology, computing, information science and applied mathematics to address fundamental questions about the links that connect us, and the ways that our decisions can have consequences for others.
Author : René Carmona
Publisher : Springer
ISBN 13 : 3319589202
Total Pages : 714 pages
Book Rating : 4.3/5 (195 download)
Download or read book Probabilistic Theory of Mean Field Games with Applications I written by René Carmona and published by Springer. This book was released on 2018-03-01 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume book offers a comprehensive treatment of the probabilistic approach to mean field game models and their applications. The book is self-contained in nature and includes original material and applications with explicit examples throughout, including numerical solutions. Volume I of the book is entirely devoted to the theory of mean field games without a common noise. The first half of the volume provides a self-contained introduction to mean field games, starting from concrete illustrations of games with a finite number of players, and ending with ready-for-use solvability results. Readers are provided with the tools necessary for the solution of forward-backward stochastic differential equations of the McKean-Vlasov type at the core of the probabilistic approach. The second half of this volume focuses on the main principles of analysis on the Wasserstein space. It includes Lions' approach to the Wasserstein differential calculus, and the applications of its results to the analysis of stochastic mean field control problems. Together, both Volume I and Volume II will greatly benefit mathematical graduate students and researchers interested in mean field games. The authors provide a detailed road map through the book allowing different access points for different readers and building up the level of technical detail. The accessible approach and overview will allow interested researchers in the applied sciences to obtain a clear overview of the state of the art in mean field games.
Author : Klaus Schredelseker
Publisher : Springer Science & Business Media
ISBN 13 : 3540705562
Total Pages : 235 pages
Book Rating : 4.5/5 (47 download)
Download or read book Complexity and Artificial Markets written by Klaus Schredelseker and published by Springer Science & Business Media. This book was released on 2008-07-30 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, agent-based simulation has become a widely accepted tool when dealing with complexity in economics and other social sciences. The contributions presented in this book apply agent-based methods to derive results from complex models related to market mechanisms, evolution, decision making, and information economics. In addition, the applicability of agent-based methods to complex problems in economics is discussed from a methodological perspective. The papers presented in this collection combine approaches from economics, finance, computer science, natural sciences, philosophy, and cognitive sciences.
Author : Paul Milgrom
Publisher : Columbia University Press
ISBN 13 : 023154457X
Total Pages : 222 pages
Book Rating : 4.2/5 (315 download)
Download or read book Discovering Prices written by Paul Milgrom and published by Columbia University Press. This book was released on 2017-05-23 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.
