Econophysics of Agent-Based Models

✍ Scribed by Hiroyuki Kyan, Jun-ichi Inoue (auth.), Frédéric Abergel, Hideaki Aoyama, Bikas K. Chakrabarti, Anirban Chakraborti, Asim Ghosh (eds.)

• Publisher: Springer International Publishing
• Year: 2014
• Tongue: English
• Leaves: 301
• Series: New Economic Windows
• Edition: 1
• Category: Library

✦ Synopsis

The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of "Econophysics" who have undertaken agent-based modelling, comparison with empirical studies and related investigations.
Most standard economic models assume the existence of the representative agent, who is “perfectly rational” and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature.

✦ Table of Contents

Front Matter....Pages I-VIII
Front Matter....Pages 1-1
Agent-Based Modeling of Zapping Behavior of Viewers, Television Commercial Allocation, and Advertisement Markets....Pages 3-26
Agent-Based Modeling of Housing Asset Bubble: A Simple Utility Function Based Investigation....Pages 27-44
Urn Model-Based Adaptive Multi-arm Clinical Trials: A Stochastic Approximation Approach....Pages 45-59
Logistic Modeling of a Religious Sect Cult and Financial Features....Pages 61-82
Characterizing Financial Crisis by Means of the Three States Random Field Ising Model....Pages 83-98
Themes and Applications of Kinetic Exchange Models: Redux....Pages 99-129
Kinetic Exchange Opinion Model: Solution in the Single Parameter Map Limit....Pages 131-143
Front Matter....Pages 145-145
An Overview of the New Frontiers of Economic Complexity....Pages 147-159
Jan Tinbergen’s Legacy for Economic Networks: From the Gravity Model to Quantum Statistics....Pages 161-186
A Macroscopic Order of Consumer Demand Due to Heterogenous Consumer Behaviors on Japanese Household Demand Tested by the Random Matrix Theory....Pages 187-201
Uncovering the Network Structure of the World Currency Market: Cross-Correlations in the Fluctuations of Daily Exchange Rates....Pages 203-218
Systemic Risk in Japanese Credit Network....Pages 219-228
Pricing of Goods with Bandwagon Properties: The Curse of Coordination....Pages 229-232
Front Matter....Pages 233-233
Evolution of Econophysics....Pages 235-285
Econophysics and Sociophysics: Problems and Prospects....Pages 287-297
A Discussion on Econophysics....Pages 299-302

✦ Subjects

Socio- and Econophysics, Population and Evolutionary Models;Game Theory, Economics, Social and Behav. Sciences;Economics/Management Science, general;Game Theory/Mathematical Methods