IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

Analyzing the Dynamics of Relative Prices on a Market with Speculative and Non-Speculative Agents Based on the Evolutionary Model

  • Dospinescu, Andrei Silviu

    ()

    (CEIS, CMM, NIER, Romanian Academy)

Registered author(s):

    The paper deals with an evolutionary model focused on the relation between the behavior of prices and the structure of the population of economic agents. The model allows for identification of the short-term behavior of prices and the dynamics of the population of economic agents in the context of seven scenarios. These scenarios are a combination of four key factors: market regulations, the maturity of the market; the intervention of the state on the market supply side and the modifications of the incentives to speculate and not-speculate. The main findings of the simulation of the scenarios are: i) The presence of speculators leave long lasting effects which do not die out with the decrease in the number of speculators; ii) In the presence of high speculations the intervention of the state can act as an anchor to the market helping to lower the prices; iii) The market forces have a more lasting effect than the state regulation mechanisms.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.ipe.ro/rjef/rjef1_11/rjef1_2011p72-87.pdf
    Download Restriction: no

    Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

    Volume (Year): (2011)
    Issue (Month): 1 (March)
    Pages: 72-87

    as
    in new window

    Handle: RePEc:rjr:romjef:v::y:2011:i:1:p:72-87
    Contact details of provider: Postal: Casa Academiei, Calea 13, Septembrie nr.13, sector 5, Bucure┼čti 761172
    Phone: 004 021 3188148
    Fax: 004 021 3188148
    Web page: http://www.ipe.ro/
    Email:


    More information through EDIRC

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

    as in new window
    1. Sidney Winter & Yuri Kaniovski & Giovanni Dosi, 2003. "A baseline model of industry evolution," Journal of Evolutionary Economics, Springer, vol. 13(4), pages 355-383, October.
    2. Carpenter, Jeffrey P, 2002. "Evolutionary Models of Bargaining: Comparing Agent-Based Computational and Analytical Approaches to Understanding Convention Evolution," Computational Economics, Society for Computational Economics, vol. 19(1), pages 25-49, February.
    3. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    4. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320.
    5. Stephen Malpezzi, 1998. "A Simple Error Correction Model of House Prices," Wisconsin-Madison CULER working papers 98-11, University of Wisconsin Center for Urban Land Economic Research.
    6. Jonard, N. & Yfldizoglu, M., 1998. "Technological diversity in an evolutionary industry model with localized learning and network externalities," Structural Change and Economic Dynamics, Elsevier, vol. 9(1), pages 35-53, March.
    7. Dennis R. Capozza & Paul J. Seguin, 1995. "Expectations, Efficiency, and Euphoria in the Housing Market," NBER Working Papers 5179, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:rjr:romjef:v::y:2011:i:1:p:72-87. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Corina Saman)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.