Volatility and Agent Adaptability in a Self-Organizing Market
نویسنده
چکیده
We present results for the so-called ‘bar-attendance’ model of market behavior: p adaptive agents, each possessing n prediction rules chosen randomly from a pool, attempt to attend a bar whose cut-off is s. The global attendance time-series has a mean near, but not equal to, s. The variance, or ‘volatility’, can show a minimum with increasing adaptability of the individual agents.
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