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After being the economic development officer for the Little/Salmon Carmacks First Nation, Tim used all his spare time trying to determine a practical understanding of the events he witnessed. This led him to complexity, specifically human emergent behaviour and the evolutionary prerequisites present in human society. These prerequisites predicted many of the apparently immutable ‘modern problems’ in society. First, he tried disseminating the knowledge in popular book form, but that failed – three times. He decided to obtain PhD to make his ‘voice’ louder. He chose sociology, poorly as it turns out as he was told his research had ‘no academic value whatsoever’. After being forced out of University, he taught himself agent-based modelling to demonstrate his ideas and published his first peer-reviewed paper without affiliation while working as a warehouse labourer. Subsequently, he managed to interest Steve Keen in his ideas and his second attempt at a PhD succeeded. His most recent work involves understanding the basic forces generated by trade in a complex system. He is most interested in how the empirically present evolutionary prerequisites impact market patterns.
Economics, society, complexity, systems, ecosystem, thermodynamics, agent-based modelling, emergent behaviour, evolution.
Leigh Tesfatsion received the Ph.D. degree in economics from the University of Minnesota, Mpls., in 1975, with a minor in mathematics. She is Research Professor of Economics, Professor Emerita of Economics, and Courtesy Research Professor of Electrical & Computer Engineering, all at Iowa State University. Her principal current research areas are electric power market design and the development of Agent-based Computational Economics (ACE) platforms for the performance testing of these designs. She is the recipient of the 2020 David A. Kendrick Distinguished Service Award from the Society for Computational Economics (SCE) and an IEEE Senior Member. She has served as guest editor and associate editor for a number of journals, including the IEEE Transactions on Power Systems, the IEEE Transactions on Evolutionary Computation, the Journal of Energy Markets, the Journal of Economic Dynamics and Control, the Journal of Public Economic Theory, and Computational Economics. Online Short Bio
Agent-based computational economics (ACE); development and use of ACE test beds for the study of electric power market operations; development and use of ACE test beds for the study of water, energy, and climate change
In this paper, we explore the dynamic of stock prices over time by developing an agent-based market. The developed artificial market comprises of heterogeneous agents occupied with various behaviors and trading strategies. To be specific, the agents in the market may expose to overconfidence, conservatism or loss aversion biases. Additionally, they may employ fundamental, technical, adaptive (neural network) strategies or simply being arbitrary agents (zero intelligence agents). The market has property of direct interaction. The environment takes the form of network structure, namely, it takes the manifestation of scale-free network. The information will flow between the agents through the linkages that connect them. Furthermore, the tax imposed by the regulator is investigated. The model is subjected to goodness of fit to the empirical observations of the S\&P500. The fitting of the model is refined by calibrating the model parameters through heuristic approach, particularly, scatter search. Conclusively, the parameters are validated against normality, absence of correlations, volatility cluster and leverage effect using statistical tests.
Assistant Proffesor at Faculty of Human Geography, Adam Mickiewicz University, Poland
Three fields interest me in research: the study of market from a behavioral point of view, focusing on loyalty, trust, quality convention; then the study of institutions, their dynamics and the predictions/diagnostics that can be made following Ostrom’s IAD framework; eventually discussions on epistemology and validation about ABM.
Matteo Richiardi is an internationally recognised scholar in micro-simulation modelling (this includes dynamic microsimulations and agent-based modelling). His work on micro-simulations involves both methodological research on estimation and validation techniques, and applications to the analysis of distributional outcomes, the functioning of the labour market and welfare systems. He is Chief Editor of the International Journal of Microsimulation. Examples of his work are the two recent books “Elements of Agent-based Computational Economics”, published by Cambridge University Press (2016), and “The political economy of work security and flexibility: Italy in comparative perspective”, published by Policy Press (2012).
Continuous double auction markets; call auction; alternative market structures
I am a University Academic Fellow (UAF) in the School of Geography at the University of Leeds. My research areas are agent-based modelling, decision making in complex systems, AI and multi-agent systems, urban analytics and housing markets. I obtained PhD in Economics from Iowa State University under supervisor Prof. Leigh Tesfatsion in 2014. I worked as a researcher at the James Hutton Institute in Aberdeen, Scotland between 2014 and 2019. I joined the University of Leeds as a UAF of Urban Analytics in 2019. I am originally from Shanghai, China.
My main research areas are agent-based modelling, urban analytics and complex decision making enabled by AI. I am interested in the bottom-up transition of complex urban systems under major socio-economic and environmental shocks, such as climate change and the fourth industrial revolution. I want to understand how cities as self-organised complex systems respond to external shocks and evolve under a constantly changing environment. In the past, I have looked at various aspects of urban systems, including the housing market, the labour market, transport and energy system. I am also interested in decision making in complex systems. For example, I have studied the decision to become a vegetarian/vegan under social influence. I have also looked at global food trade in a complex trade network and the resulting food and nutrition security. Recently, I am interested in applying AI algorithms especially reinforcement learning in multi-agent systems, including applications of AI in urban adaptation to climate change, housing market dynamics and criminal behaviour in an urban system.
Research fellow, PhD Candidate (University of Kassel)
Energy system transiton modelling
* stakeholder and market modelling, governance and policy modelling,
* agent-based modelling (ABM), optimisation,
* model coupling, open and integrative modelling framework,
* open source, S4F
consumer market forecasting, diffusion
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