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What is Market Dynamics

Chapter 58
Handbook of Research on Nature-Inspired Computing for Economics and Management
The result of the interactions between the decisions of the various investors evolving in a complex environment. This result can be described on a global level without referring to the specific attributes of the microeconomic agents composing the market and depends on the initial conditions of the system ( Lane, 1993 ).
Published in Chapter:
Modeling an Artificial Stock Market
S. Lavigne (Toulouse Business School, France) and S. Sanchez (Université Toulouse 1, France)
Copyright: © 2007 |Pages: 17
DOI: 10.4018/978-1-59140-984-7.ch058
Abstract
This chapter presents an artificial stock market created to analyze market dynamics from the behavior of investors. It argues that information—delivered by financial intermediaries as rating agencies and considered as cognitive institution—directs the decisions of investors who are heterogeneous agents endowed with capabilities of learning in a changing environment. The objective is to demonstrate that information influences market dynamics as it allows the coordination of the decisions of investment in the same direction: information is a focal point for investors and contributes to generate a speculative dynamic on the market.
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