The Continuous Double Auction (CDA) is one of the most popular of all auction market-mechanisms in the world. Some of the biggest trade markets in the world including the New York Stock Exchange (NYSE) and the Chicago Mercantile Exchange are organised as CDAs. Previous work using Genetic Algorithms (GAs) for automated mechanism design by Cliff has shown that previously unknown ‘hybrid’ variants...

This paper investigates the question of the sophistication level, in the mean of behavior and intelligence, one should endow artificial traders in order to obtain, with realistic market microstructure, not only both qualitative and quantitative stylized facts in an artificial market. For this purpose, we introduce an agent-based simulation environment with an architecture close to the Euronext-...

Organizations increasingly use social computing to harness the collective intelligence of their employees, partners, and customers in collective problem-solving and decision making. This trend towards Enterprise 2.0 can be defined as ”the use of emergent social software platforms by organizations in pursuit of their goals” [McAfee 2009, p. 73]. One Enterprise 2.0 benefit is collective intellige...

Three phenomena—the disparity between the assumed and observed attributes of economic man, the link between nature and artifacts, and the use of computers as a source of knowledge––fascinated Herbert A. Simon. He built a new paradigm for each field—bounded rationality to deal with the disparity, the science of the artificial as its link to nature, and artificial intelligence for creation of kno...

This paper presents results from an experimental computer simulated stock market. In this market artificial intelligence algorithms take on the role of traders. They make predictions about the future, and buy and sell stock as indicated by their expectations of future risk and return. Prices are set endogenously to clear the market. Time series from this market are analyzed from the standpoint ...

This paper presents results from an experimental computer simulated stock market. In this market arti"cial intelligence algorithms take on the role of traders. They make predictions about the future, and buy and sell stock as indicated by their expectations of future risk and return. Prices are set endogenously to clear the market. Time series from this market are analyzed from the standpoint o...

The aim of the chapter is to discuss and illustrate different approaches taken in the area of empirical market segmentation in tourism, and to raise conceptual, practical and methodological problems in this context. The chapter is limited to the discussion of empirical market segmentation, which means that an empirical data set (typically resulting from a tourist survey) represents the basis. P...

This study examines individual behavior in two well-functioning marketplaces to investigate whether market experience eliminates the endowment effect. Field evidence from both markets suggests that individual behavior converges to the neoclassical prediction as market experience increases. In an experimental test of whether these observations are due to treatment (market experience) or selectio...