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Artificial Markets: Rationality and Organisation

In: Complexity and Artificial Markets

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  • Alan Kirman

    (Université de la Méditerranée)

Abstract

Economics models markets as mechanisms linking anonymous and otherwise isolated individuals through the price system. Little attention is paid to how these markets are organised nor as to how agents interact within them. In particular it is interesting to know how agents following rather simple rules come to coordinate. This paper discusses the modelling of these important aspects of markets and suggests that building artificial markets can complement the usual theoretical, empirical or experimental approaches. Using specific examples of empirical markets the relationships that develop between agents can, for example, be modelled and the results from the simulated markets compared with the stylised facts. Artificial market models are neither ad hoc nor theory free, but thys allow us to analyse situations which are too general to permit analytic solutions.

Suggested Citation

  • Alan Kirman, 2008. "Artificial Markets: Rationality and Organisation," Lecture Notes in Economics and Mathematical Systems, in: Klaus Schredelseker & Florian Hauser (ed.), Complexity and Artificial Markets, chapter 15, pages 195-234, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-70556-7_15
    DOI: 10.1007/978-3-540-70556-7_15
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