Journal of Economic Interaction and Coordination最新文献

{"title":"Knowledge diffusion in social networks under targeted attack and random failure: the resilience of communities","authors":"P. Morone, Rocco Caferra, A. Lopolito","doi":"10.1007/s11403-023-00392-x","DOIUrl":"https://doi.org/10.1007/s11403-023-00392-x","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46916705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Parameterised response zero intelligence traders","authors":"Dave Cliff","doi":"10.1007/s11403-023-00388-7","DOIUrl":"https://doi.org/10.1007/s11403-023-00388-7","url":null,"abstract":"Abstract I introduce parameterised response zero intelligence (PRZI), a new form of zero intelligence (ZI) trader intended for use in simulation studies of the dynamics of continuous double auction markets. Like Gode and Sunder’s classic ZIC trader, PRZI generates quote prices from a random distribution over some specified domain of discretely valued allowable quote prices. Unlike ZIC, which uses a uniform distribution to generate prices, the probability distribution in a PRZI trader is parameterised in such a way that its probability mass function (PMF) is determined by a real-valued control variable s in the range $$[-1.0, +1.0]$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mo>[</mml:mo> <mml:mo>-</mml:mo> <mml:mn>1.0</mml:mn> <mml:mo>,</mml:mo> <mml:mo>+</mml:mo> <mml:mn>1.0</mml:mn> <mml:mo>]</mml:mo> </mml:mrow> </mml:math> that determines the strategy for that trader. When $$s=0$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mi>s</mml:mi> <mml:mo>=</mml:mo> <mml:mn>0</mml:mn> </mml:mrow> </mml:math> , a PRZI trader behaves identically to the ZIC strategy, with a uniform PMF; but when $$s approx pm 1$$ <mml:math xmlns:mml=\"http://www.w3.org/1998/Math/MathML\"> <mml:mrow> <mml:mi>s</mml:mi> <mml:mo>≈</mml:mo> <mml:mo>±</mml:mo> <mml:mn>1</mml:mn> </mml:mrow> </mml:math> the PRZI trader’s PMF becomes maximally skewed to one extreme or the other of the price range, thereby making it more or less “urgent” in the prices that it generates, biasing the quote price distribution towards or away from the trader’s limit price. To explore the co-evolutionary dynamics of populations of PRZI traders that dynamically adapt their strategies, I show initial results from long-term market experiments in which each trader uses a simple stochastic hill-climber algorithm to repeatedly evaluate alternative s -values and choose the most profitable at any given time. In these experiments the profitability of any particular s -value may be non-stationary because the profitability of one trader’s strategy at any one time can depend on the mix of strategies being played by the other traders at that time, which are each themselves continuously adapting. Results from these market experiments demonstrate that the population of traders’ strategies can exhibit rich dynamics, with periods of stability lasting over hundreds of thousands of trader interactions interspersed by occasional periods of change. Python source code for PRZI traders, and for the stochastic hill-climber, have been made publicly available on GitHub.","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135478841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A comparison of zero- and minimal-intelligence agendas in majority-rule voting models","authors":"Paula J. Brewer, Jeremy Juybari, Raymond Moberly","doi":"10.1007/s11403-023-00387-8","DOIUrl":"https://doi.org/10.1007/s11403-023-00387-8","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42583013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Emergence in complex networks of simple agents","authors":"D. Green","doi":"10.1007/s11403-023-00385-w","DOIUrl":"https://doi.org/10.1007/s11403-023-00385-w","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"18 1","pages":"419 - 462"},"PeriodicalIF":1.1,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44501408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Buy, sell or rent the farm: succession planning and the future of farming on the Great Plains","authors":"C. Su, R. Schoney, J. Nolan","doi":"10.1007/s11403-023-00381-0","DOIUrl":"https://doi.org/10.1007/s11403-023-00381-0","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"18 1","pages":"627 - 669"},"PeriodicalIF":1.1,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45918617","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Correction to: Policy choices and compliance behavior in pandemic times","authors":"Giorgio Calcagnini, Slađana Pavlinović Mršić, Laura Policardo, Edgar J. Sanchez Carrera","doi":"10.1007/s11403-023-00386-9","DOIUrl":"https://doi.org/10.1007/s11403-023-00386-9","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136380540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sectoral integration on an emerging stock market: a multi-scale approach.","authors":"Kingstone Nyakurukwa,&nbsp;Yudhvir Seetharam","doi":"10.1007/s11403-023-00383-y","DOIUrl":"10.1007/s11403-023-00383-y","url":null,"abstract":"<p><p>The purpose of this study is to examine the connectedness of industry sectors on the Johannesburg Stock Exchange in a time-frequency domain. We use econophysics-based methods like the wavelet multiple correlation and wavelet scalogram difference to identify the evolution of the connectedness of the sectors over time and at different frequencies. The findings show that the sectors on the Johannesburg Stock Exchange are especially integrated at lower frequencies. Wavelet multiple correlation peaks in response to local and global shocks like the black-swan COVID-19 pandemic in 2020 and the downgrading of South African debt by Fitch in 2013. Though there are opportunities for sectoral diversification on the JSE, this fails when it is most needed, during crisis periods. Investors should therefore consider other asset classes that could serve as a haven in times of crisis. Though extant literature has examined sectoral dependencies on the stock markets of developed and developing countries, to the best of our knowledge, this is the first study to examine this connectedness in a South African context using multiple nonparametric methods that are robust to non-normality, presence of outliers as well as non-stationary data.</p>","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":" ","pages":"1-20"},"PeriodicalIF":1.1,"publicationDate":"2023-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10099005/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9768327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic effects of social influence on asset prices","authors":"Jia-Ping Huang, Yang Zhang, Juan Wang","doi":"10.1007/s11403-023-00382-z","DOIUrl":"https://doi.org/10.1007/s11403-023-00382-z","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":"18 1","pages":"671-699"},"PeriodicalIF":1.1,"publicationDate":"2023-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43269350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Policy choices and compliance behavior in pandemic times.","authors":"Giorgio Calcagnini,&nbsp;Slađana Pavlinović Mršić,&nbsp;Laura Policardo,&nbsp;Edgar J Sanchez Carrera","doi":"10.1007/s11403-023-00380-1","DOIUrl":"10.1007/s11403-023-00380-1","url":null,"abstract":"<p><p>In this paper, we model an evolutionary noncooperative game between politicians and citizens that, given the level of infection, describes the observed variety of mitigation policies and citizens' compliance during the COVID-19 pandemic period. Our results show that different stable equilibria exist and that different ways/paths exist to reach these equilibria may be present, depending on the choice of parameters. When the parameters are chosen opportunistically, in the short run, our model generates transitions between hard and soft policy measures to deal with the pandemic. In the long-run, convergence is achieved toward one of the possible stable steady states (obey or not obey lockdown rules) as functions of politicians' and citizens' incentives.</p>","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":" ","pages":"1-29"},"PeriodicalIF":1.1,"publicationDate":"2023-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10039362/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10072620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A look at financial dependencies by means of econophysics and financial economics","authors":"M. Raddant, T. Di Matteo","doi":"10.1007/s11403-023-00389-6","DOIUrl":"https://doi.org/10.1007/s11403-023-00389-6","url":null,"abstract":"","PeriodicalId":45479,"journal":{"name":"Journal of Economic Interaction and Coordination","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48106927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}