Experimental econophysics : properties and mechanisms of laboratory markets /: properties and mechanisms of laboratory markets. ([2014])

• Record Type: Book
• Further Information: Note: Ji-Ping Huang.
• Authors: Huang, Ji-Ping
• Contents: Preface; Contents; Abstract; 1 Introduction; 1.1 Why Physics Needs Economics or Finance?; 1.1.1 What Are Physical Ideas?; 1.1.2 What Are Physical Methods?; 1.2 Why Economics or Finance Needs Physics?; 1.3 Physics + Economics or Finance to Econophysics; 1.4 Dividing Econophysics into Two Branches: Empirical Econophysics and Experimental Econophysics; 1.5 Methodology of Experimental Econophysics; 2 Fundamentals; 2.1 Hayek Hypothesis; 2.2 How to Design Computer-Aided Controlled Experiments; 2.3 El Farol Bar Problem and Minority Game; 2.3.1 El Farol Bar Problem; 2.3.2 Minority Game. 2.4 How to Design Agent-Based Models2.4.1 Modeling by Abstracting Real-World Systems; 2.4.2 Modeling Through Borrowing from Physical Models; 2.4.3 How to Test the Reliability of Agent-Based Models ; 2.5 Information Theory; 2.5.1 Initial Remarks; 2.5.2 Shannon Entropy: Historical Beginning and the Unit of Information; 2.5.3 When Information Meets Physics: The Principle of Maximum Entropy and the Fight with Maxwell''s Demon; 2.5.4 Discussion; 2.6 Nonparametric Regression Analysis: Hodrick-Prescott Filter; 3 Stylized Facts: Scaling Law and Clustering Behavior; 3.1 Opening Remarks. 3.2 Market Structure3.2.1 Basic Framework; 3.2.2 Double-Auction Order Book; 3.2.3 Exogenous Rewards; 3.3 Controlled Experiments; 3.3.1 Platform and Subjects; 3.3.2 Experimental Settings; 3.3.3 Payoffs; 3.4 Results and Discussion; 3.4.1 Price, Volume, and Return Series; 3.4.2 Human Behavior Dynamics; 3.5 Conclusions; 4 Fluctuation Phenomena: Leverage Could Be Positive and Negative; 4.1 Opening Remarks; 4.2 The Design of Controlled Experiments and Agent-Based Modeling; 4.2.1 Key Ideas of Leverage; 4.2.2 Mutual Structure for Experiments and Simulations; 4.2.3 Controlled Experiments. 4.2.4 Agent-Based Modeling4.3 Results: Experiments and Simulations; 4.3.1 Overall Fluctuations; 4.3.2 Fat Tails or Extremely Large Fluctuations; 4.3.3 Wealth Distribution; 4.4 Conclusions; 5 Herd Behavior: Beyond the Known Ruinous Role; 5.1 Opening Remarks; 5.2 Controlled Experiments; 5.3 Agent-Based Modeling; 5.4 Simulation Results; 5.5 Theoretical Analysis; 5.6 Discussion and Conclusions; 5.7 Supplementary Materials; 5.7.1 Part I: Leaflet to the Human Experiments; 5.7.2 Part II: About the Computer-Aided Human Experiment. 5.7.3 Part III: The CAS -- Theoretical Analysis of the Agent-Based Modeling5.7.4 Part IV: A Closed CAS -- Simulations Based on Agent-Based Modeling; 5.7.5 Part V: An Alternative Approach to Analyzing Preferences of Normal Agents and Imitating Agents in the Agent-Based Modeling: Analysis of the Shannon Information Entropy; 5.7.6 Part VI: A Different Agent-Based Modeling in Which Imitating Agents Follow the Majority, Rather than the Best Agent: An Open CAS Versus a Closed One; 6 Contrarian Behavior: Beyond the Known Helpful Role; 6.1 Opening Remarks; 6.2 Controlled Experiments.
• Publisher Details: Heidelberg : Springer Verlag
• Publication Date: 2014
• Copyright Date: 2015
• Extent: 1 online resource (xv, 192 pages), illustrations (some color)
• Subjects: 330.015195; Econophysics; BUSINESS & ECONOMICS -- Economics -- General; BUSINESS & ECONOMICS -- Reference; Econophysics; Electronic books
• Languages: English
• ISBNs: 9783662442340; 3662442345
• Related ISBNs: 9783662442333; 3662442337
• Notes: Note: Includes bibliographical references.; Note: Print version record.
• Access Rights: Legal Deposit; Only available on premises controlled by the deposit library and to one user at any one time; The Legal Deposit Libraries (Non-Print Works) Regulations (UK).
• Access Usage: Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force.