Higher Order Neural Network Architectures for Agent-Based Computational Economics and Finance

Author(s):  
John Seiffertt ◽  
Donald C. Wunsch II

As the study of agent-based computational economics and finance grows, so does the need for appropriate techniques for the modeling of complex dynamic systems and the intelligence of the constructive agent. These methods are important where the classic equilibrium analytics fail to provide sufficiently satisfactory understanding. In particular, one area of computational intelligence, Approximate Dynamic Programming, holds much promise for applications in this field and demonstrate the capacity for artificial Higher Order Neural Networks to add value in the social sciences and business. This chapter provides an overview of this area, introduces the relevant agent-based computational modeling systems, and suggests practical methods for their incorporation into the current research. A novel application of HONN to ADP specifically for the purpose of studying agent-based financial systems is presented.

2012 ◽  
pp. 219-233
Author(s):  
John Seiffertt ◽  
Donald C. Wunsch II

As the study of agent-based computational economics and finance grows, so does the need for appropriate techniques for the modeling of complex dynamic systems and the intelligence of the constructive agent. These methods are important where the classic equilibrium analytics fail to provide sufficiently satisfactory understanding. In particular, one area of computational intelligence, Approximate Dynamic Programming, holds much promise for applications in this field and demonstrate the capacity for artificial Higher Order Neural Networks to add value in the social sciences and business. This chapter provides an overview of this area, introduces the relevant agent-based computational modeling systems, and suggests practical methods for their incorporation into the current research. A novel application of HONN to ADP specifically for the purpose of studying agent-based financial systems is presented.


2016 ◽  
Vol 12 (02) ◽  
pp. 77-96
Author(s):  
Charlotte Bruun

The aim of this paper is to use agent-based computational economics to explore the economic thinking of Keynes. Taking his starting point at the macroeconomic level, Keynes argued that economic systems are characterized by fundamental uncertainty — an uncertainty that makes rule-based behavior and reliance on monetary magnitudes more optimal to the economic agent than profit — and utility optimization in the traditional sense. Unfortunately, more systematic studies of the properties of such a system were not possible at the time of Keynes. However, the system envisioned by Keynes holds a lot of properties in common with what we today call complex dynamic systems, and we may apply the method of agent-based computational economics to his ideas. The presented agent-based Keynesian model demonstrates, as argued by Keynes, that the economy can self-organize without relying on price movement as an equilibrating factor. In our implementation, self-organization, however, does not mean a steady long run equilibrium but a tendency to generate cycles.


2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Douglas McHugh ◽  
Andrew J. Yanik ◽  
Michael R. Mancini

Abstract Background Ongoing developments in medical education recognize the move to curricula that support self-regulated learning processes, skills of thinking, and the ability to adapt and navigate uncertain situations as much as the knowledge base of learners. Difficulties encountered in pursuing this reform, especially for pharmacology, include the tendency of beginner learners not to ask higher-order questions and the potential incongruency between creating authentic spaces for self-directed learning and providing external expert guidance. We tested the feasibility of developing, implementing, and sustaining an innovative model of social pedagogy as a strategy to address these challenges. Methods Constructivism, communities of practice, and networked learning theory were selected as lenses for development of the model. Three hundred sixty-five first-year medical students participated between 2014 and 2018; they were introduced to pharmacodynamics and pharmacokinetics via 15 online modules that each included: learning objectives, a clinical vignette, teaching video, cumulative concept map, and small group wiki assignment. Five-person communities organized around the 15 wiki assignments were a key component where learners answered asynchronous, case-based questions that touched iteratively on Bloom’s cognitive taxonomy levels. The social pedagogy model’s wiki assignments were explored using abductive qualitative data analysis. Results Qualitative analysis revealed that learners acquired and applied a conceptual framework for approaching pharmacology as a discipline, and demonstrated adaptive mastery by evaluating and interacting competently with unfamiliar drug information. Learners and faculty acquired habits of self-directed assessment seeking and learner-centered coaching, respectively; specifically, the model taught learners to look outward to peers, faculty, and external sources of information for credible and constructive feedback, and that this feedback could be trusted as a basis to direct performance improvement. 82–94% of learners rated the social pedagogy-based curriculum valuable. Conclusions This social pedagogy model is agnostic with regard to pharmacology and type of health professional learner; therefore, we anticipate its benefits to be transferable to other disciplines.


2020 ◽  
Vol 10 (1) ◽  
Author(s):  
Jonatan Almagor ◽  
Stefano Picascia

AbstractA contact-tracing strategy has been deemed necessary to contain the spread of COVID-19 following the relaxation of lockdown measures. Using an agent-based model, we explore one of the technology-based strategies proposed, a contact-tracing smartphone app. The model simulates the spread of COVID-19 in a population of agents on an urban scale. Agents are heterogeneous in their characteristics and are linked in a multi-layered network representing the social structure—including households, friendships, employment and schools. We explore the interplay of various adoption rates of the contact-tracing app, different levels of testing capacity, and behavioural factors to assess the impact on the epidemic. Results suggest that a contact tracing app can contribute substantially to reducing infection rates in the population when accompanied by a sufficient testing capacity or when the testing policy prioritises symptomatic cases. As user rate increases, prevalence of infection decreases. With that, when symptomatic cases are not prioritised for testing, a high rate of app users can generate an extensive increase in the demand for testing, which, if not met with adequate supply, may render the app counterproductive. This points to the crucial role of an efficient testing policy and the necessity to upscale testing capacity.


Vaccines ◽  
2021 ◽  
Vol 9 (8) ◽  
pp. 809
Author(s):  
Pawel Sobkowicz ◽  
Antoni Sobkowicz

Background: A realistic description of the social processes leading to the increasing reluctance to various forms of vaccination is a very challenging task. This is due to the complexity of the psychological and social mechanisms determining the positioning of individuals and groups against vaccination and associated activities. Understanding the role played by social media and the Internet in the current spread of the anti-vaccination (AV) movement is of crucial importance. Methods: We present novel, long-term Big Data analyses of Internet activity connected with the AV movement for such different societies as the US and Poland. The datasets we analyzed cover multiyear periods preceding the COVID-19 pandemic, documenting the behavior of vaccine related Internet activity with high temporal resolution. To understand the empirical observations, in particular the mechanism driving the peaks of AV activity, we propose an Agent Based Model (ABM) of the AV movement. The model includes the interplay between multiple driving factors: contacts with medical practitioners and public vaccination campaigns, interpersonal communication, and the influence of the infosphere (social networks, WEB pages, user comments, etc.). The model takes into account the difference between the rational approach of the pro-vaccination information providers and the largely emotional appeal of anti-vaccination propaganda. Results: The datasets studied show the presence of short-lived, high intensity activity peaks, much higher than the low activity background. The peaks are seemingly random in size and time separation. Such behavior strongly suggests a nonlinear nature for the social interactions driving the AV movement instead of the slow, gradual growth typical of linear processes. The ABM simulations reproduce the observed temporal behavior of the AV interest very closely. For a range of parameters, the simulations result in a relatively small fraction of people refusing vaccination, but a slight change in critical parameters (such as willingness to post anti-vaccination information) may lead to a catastrophic breakdown of vaccination support in the model society, due to nonlinear feedback effects. The model allows the effectiveness of strategies combating the anti-vaccination movement to be studied. An increase in intensity of standard pro-vaccination communications by government agencies and medical personnel is found to have little effect. On the other hand, focused campaigns using the Internet and social media and copying the highly emotional and narrative-focused format used by the anti-vaccination activists can diminish the AV influence. Similar effects result from censoring and taking down anti-vaccination communications by social media platforms. The benefit of such tactics might, however, be offset by their social cost, for example, the increased polarization and potential to exploit it for political goals, or increased ‘persecution’ and ‘martyrdom’ tropes.


Sign in / Sign up

Export Citation Format

Share Document