Artificial economic life: a simple model of a stockmarket

Published

Journal Article

We describe a model of a stockmarket in which independent adaptive agents can buy and sell stock on a central market. The overall market behavior, such as the stock price time series, is an emergent property of the agents' behavior. This approach to modelling a market is contrasted with conventional rational expectations approaches. Our model does not necessarily converge to an equilibrium, and can show bubbles, crashes, and continued high trading volume. © 1994.

Full Text

Duke Authors

Cited Authors

  • Palmer, RG; Brian Arthur, W; Holland, JH; LeBaron, B; Tayler, P

Published Date

  • August 1, 1994

Published In

Volume / Issue

  • 75 / 1-3

Start / End Page

  • 264 - 274

International Standard Serial Number (ISSN)

  • 0167-2789

Digital Object Identifier (DOI)

  • 10.1016/0167-2789(94)90287-9

Citation Source

  • Scopus