Logik des Marktes Marktordnung, Marktverhalten und Marktergebnisse / Logic of Markets Market Rules, Behaviour of Actors, and Market Outcome
This contribution shows how the outcome of dynamic markets can be derived, without the unrealistic assumptions of a perfect market, from the current rules of a market and the possible behaviour of the actors. An analysis of the observable rules for real-life markets results in transfer equations and algorithms for the calculation of the individual purchasing prices and sales quantities.With distribution functions for offer and demand, which reflect the behaviour of the actors, the collective market outcome can be calculated, such as market price and sales, their variance and time dependency as well as the distribution effects of markets. The market laws, which result by simulation and probability theory, deviate in many respects from the statements of common price- and market-theories. The new approach enables to solve current problems, such as the market design for material and immaterial goods and finance products.
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Volume (Year): 230 (2010)
Issue (Month): 5 (October)
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References listed on IDEAS
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- LeBaron Blake & Winker Peter, 2008. "Introduction to the Special Issue on Agent-Based Models for Economic Policy Advice," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 228(2-3), pages 141-148, April.
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"Equilibrium in a Market with Sequential Bargaining,"
Econometric Society, vol. 53(5), pages 1133-1150, September.
- Arial Rubinstein & Asher Wolinsky, 1985. "Equilibrium in a Market with Sequential Bargaining," Levine's Working Paper Archive 623, David K. Levine.
- John A. List, 2009. "The Economics of Open Air Markets," NBER Working Papers 15420, National Bureau of Economic Research, Inc.
- Westerhoff Frank H., 2008. "The Use of Agent-Based Financial Market Models to Test the Effectiveness of Regulatory Policies," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 228(2-3), pages 195-227, April. Full references (including those not matched with items on IDEAS)
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