scholarly journals Mechanisms of self-organization and finite size effects in a minimal agent based model

2009 ◽  
Vol 2009 (03) ◽  
pp. P03016 ◽  
Author(s):  
V Alfi ◽  
M Cristelli ◽  
L Pietronero ◽  
A Zaccaria
Author(s):  
Maximilian Beikirch ◽  
Torsten Trimborn

The Levy–Levy–Solomon (LLS) model [M. Levy, H. Levy and S. Solomon, Econ. Lett.45, 103 (1994)] is one of the most influential agent-based economic market models. In several publications this model has been discussed and analyzed. Especially Lux and Zschischang [E. Zschischang and T. Lux, Physica A: Stat. Mech. Appl.291, 563 (2001)] have shown that the model exhibits finite-size effects. In this study, we extend existing work in several directions. First, we show simulations which reveal finite-size effects of the model. Second, we shed light on the origin of these finite-size effects. Furthermore, we demonstrate the sensitivity of the LLS model with respect to random numbers. Especially, we can conclude that a low-quality pseudo-random number generator has a huge impact on the simulation results. Finally, we study the impact of the stopping criteria in the market clearance mechanism of the LLS model.


1997 ◽  
Vol 9 (2) ◽  
pp. 409-412 ◽  
Author(s):  
Samson A. Jenekhe ◽  
Xuejun Zhang ◽  
X. Linda Chen ◽  
Vi-En Choong ◽  
Yongli Gao ◽  
...  

2009 ◽  
Vol 2009 (02) ◽  
pp. P02063 ◽  
Author(s):  
Bernard Nienhuis ◽  
Massimo Campostrini ◽  
Pasquale Calabrese

Author(s):  
Jun-Sik Sin

In this paper, we investigate the consequences of ion association, coupled with the considerations of finite size effects and orientational ordering of Bjerrum pairs as well as ions and water...


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