Crowd effects and volatility in markets with competing agents

被引：77

作者：

Johnson, NF ^{[1
]}

Hart, M

Hui, PM

机构：

[1] Univ Oxford, Dept Phys, Clarendon Lab, Parks Rd, Oxford OX1 3PU, England

[2] Chinese Univ Hong Kong, Dept Phys, Shatin, Peoples R China

来源：

PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS | 1999年 / 269卷 / 01期

关键词：

adaptive systems; agents; self-organization;

D O I：

10.1016/S0378-4371(99)00073-4

中图分类号：

O4 [物理学];

学科分类号：

0702 ;

摘要：

We present analytic and numerical results for two models, namely the minority model and the bar-attendance model, which offer simple paradigms for a competitive marketplace. Both models feature heterogeneous agents with bounded rationality who act using inductive reasoning. We find that the effects of crowding are crucial to the understanding of the macroscopic fluctuations, or 'volatility', in the resulting dynamics of these systems. (C) 1999 Published by Elsevier Science B.V. All rights reserved.

引用

页码：1 / 8

页数：8

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