Phase Transition in a Bounded Rational Speculative and Hedging Model
- Editore:
LAP Lambert Academic Publishing
- EAN:
9786202004671
- ISBN:
6202004673
- Pagine:
- 128
- Formato:
- Paperback
- Lingua:
- Inglese
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Descrizione Phase Transition in a Bounded Rational Speculative and Hedging Model
The authors create an economic model of two interacting markets with bounded rational agents that exhibits emergence of market preference arising from a broken market-exchange symmetry. Such emergence can cause agents to move money from one market into the other, resulting in a market crash in certain scenarios. The market-exchange symmetry, and its breaking, gives a statistical mechanics perspective to the ideas of the Sonnenschein-Mantel-Debreu theorem.
Fuori catalogo - Non ordinabile
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