The design of the microstructure of electronic markets is crucial for their success. Less effort has been made in this area, especially for commodity markets. This paper illustrates five key problems of market design and introduces the concept of cascading dynamic market models as a promising solution to cope with most of them. Taking the multi-dimensional character of commodities into consider...

This chapter examines a new class of markets at the intersection of trad· itional betting and traditional financial markets. We call these 'prediction markets'. Like both financial and betting markets, prediction markets focus on uncertain outcomes and involve trading in risks. Prices from these markets establish forecasts about the probabilities, mean and median outcomes, and correlations amon...

We examine the regulation of virtual and digital assets as stored transmitted over Internet by blockchain. do this in context how funds are raised from public through Initial Coin Offerings. Our paper includes infrastructure provided Virtual Asset Service Providers. In particular, we investigate primary secondary markets Offerings such entities. find that there is considerable ambiguity existin...

Wind power is becoming a significant source of electricity in many countries. However, the inherent uncertainty of wind generators does not allow them to participate in the forward electricity markets. In this paper, we foster a tighter integration of wind power into electricity markets by using a multi-agent coalition formation approach to form virtual power plants of wind generators and elect...

We give a stochastic microscopic modelling of stock markets driven by continuous double auction. If we take into account the mimetic behavior of traders, when they place limit order, our virtual markets shows the power-law tail of the distribution of returns with the exponent outside the Levy stable region, the short memory of returns and the long memory of volatilities. The Hurst exponent of o...

1 Introduction Today, organisations and enterprises are currently facing fundamental changes such as rapidly changing markets, global competition, dynamic modifications in the economical and political environment, introduction of information technology, and worldwide availability of information. Consequently, enterprises have started to reengineer their internal structures by decreasing the siz...

We study the performance of Virtual Stock Markets (VSMs) in an institutional forecasting environment. We compare VSMs to the Combined Judgmental Forecast (CJF) and the Key Informant (KI) approach. We find that VSMs can be effectively applied in an environment with a small number of knowledgeable informants, i.e., in thin markets. Our results show that none of the three approaches differ in fore...

Wind power is becoming a significant source of electricity in many countries. However, the inherent uncertainty of wind generators does not allow them to participate in the forward electricity markets. In this paper, we foster a tighter integration of wind power into electricity markets by using a multi-agent coalition formation approach to form virtual power plants of wind generators and elect...

In this research, we employ Agent-Based Modeling to analyze how asset prices are affected by investors’ Behavior. We construct a virtual financial markets that contains several types of investors: fundamentalists and non-fudamentalists. In this analysis, we place focus on the influence of overconfident investors on financial markets. As a result of intensive analysis, we find that overconfident...

a r t i c l e i n f o Keywords: Virtual product development Virtual customer integration Co-creation Consumer motives Theory of planned behavior Virtual customer integration (VCI) involves customers throughout all stages of the new product development process. Firms across industries have started to experiment with virtual user integration and expect to utilize their knowledge, creativity, and ...