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Author: Falk Graf Westarp
Publisher: Springer Science & Business Media
ISBN: 3642573770
Category : Business & Economics
Languages : en
Pages : 210
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Book Description
As social beings, humans are not living in isolation but rather interact and communicate within their social network via language, meant to convey parts of some conceptualization from the sender to a single recipient or a set of recipients. Communities of agents not only share a common language but also the individual conceptualizations of the world (real and abstract) have to overlap to a significant extent, allowing for efficient reference to whole conceptual structures like "the German constitution", "game theory" or "medical sciences". For "societies" of interacting technical devices or software agents the situation is not quite as Babylonian since although these agents are meant to act individually (and also have a private state and private knowledge) in most cases they are designed to refer to one common ontology or standardized protocol and thus do not have to deal with misunderstanding. However, the more these systems become interconnected, the more this situation resembles the one described for societies of human agents even though the misunderstanding might be easier to detect when the different reference ontologies are made explicit and published. Obviously, in both cases standardization of a common language or set of rules for interaction reduces the individual degree of freedom for the sake of compatibility and benefits derived from interaction. In his work, Falk Graf von Westarp addresses the software market as a domain strongly depending on compatibility effects of the individuals' decisions.
Author: Falk Graf Westarp
Publisher: Springer Science & Business Media
ISBN: 3642573770
Category : Business & Economics
Languages : en
Pages : 210
Get Book Here
Book Description
As social beings, humans are not living in isolation but rather interact and communicate within their social network via language, meant to convey parts of some conceptualization from the sender to a single recipient or a set of recipients. Communities of agents not only share a common language but also the individual conceptualizations of the world (real and abstract) have to overlap to a significant extent, allowing for efficient reference to whole conceptual structures like "the German constitution", "game theory" or "medical sciences". For "societies" of interacting technical devices or software agents the situation is not quite as Babylonian since although these agents are meant to act individually (and also have a private state and private knowledge) in most cases they are designed to refer to one common ontology or standardized protocol and thus do not have to deal with misunderstanding. However, the more these systems become interconnected, the more this situation resembles the one described for societies of human agents even though the misunderstanding might be easier to detect when the different reference ontologies are made explicit and published. Obviously, in both cases standardization of a common language or set of rules for interaction reduces the individual degree of freedom for the sake of compatibility and benefits derived from interaction. In his work, Falk Graf von Westarp addresses the software market as a domain strongly depending on compatibility effects of the individuals' decisions.
Author: Andreas Kemper
Publisher: Springer Science & Business Media
ISBN: 3790823678
Category : Business & Economics
Languages : en
Pages : 309
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Book Description
The customer base is an important value driver of software companies and a reliable prediction of its development is fundamental for investment decisions. A particularity in software markets is that an individual’s purchasing decision is often influenced by other users’ choices. Although such customer network effects are evident, their quantitative assessment remain elusive with conventional approaches. This book contributes to closing this gap by developing methods for measuring network effects and their implications for valuation in software markets. Based on the theory of complex networks the book reveals that such diffusion processes highly depend on structural properties of customer networks. Moreover, it depicts that such insights are contributions to improve the quality of valuations in software markets. But the implications of this research also comprise social and political aspects as they can be applied in order to prevent corporate failures in all network effect markets.
Author: Hajime Kita
Publisher: Springer
ISBN: 4431550577
Category : Business & Economics
Languages : en
Pages : 205
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Book Description
This book takes up unique agent-based approaches to solving problems related to stock and their derivative markets. Toward this end, the authors have worked for more than 15 years on the development of an artificial market simulator called U-Mart for use as a research and educational tool. A noteworthy feature of the U-Mart simulator compared to other artificial market simulators is that U-Mart is an ultra-realistic artificial stock and their derivative market simulator. For example, it can simulate “arrowhead,” a next-generation trading system used in the Tokyo Stock Exchange and other major markets, as it takes into consideration the institutional design of the entire market. Another interesting feature of the U-Mart simulator is that it permits both human and computer programs to participate simultaneously as traders in the artificial market. In this book, first the details of U-Mart are explained, enabling readers to install and run the simulator on their computers for research and educational purposes. The simulator thus can be used for gaming simulation of the artificial market and even for users as agents to implement their own trading strategies for agent-based simulation (ABS).The book also presents selected research cases using the U-Mart simulator. Here, topics include automated acquisition of trading strategy using artificial intelligence techniques, evaluation of a market maker system to treat thin markets such as those for small and regional businesses, systemic risk analysis of the financial market considering institutional design of the market, and analysis of how humans behave and learn in gaming simulation. New perspectives on artificial market research are provided, and the power, potential, and challenge of ABS are discussed. As explained in this important work, ABS is considered to be an effective tool as the third approach of social science, an alternative to traditional literary and mathematical approaches.
Author: Pasi Tyrväinen
Publisher: Springer Science & Business Media
ISBN: 379082352X
Category : Business & Economics
Languages : en
Pages : 146
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Book Description
Seldom has any business been in such turmoil as the Communication Service Providers (CSP) business is today. Telecom operators providing communication services constructed the infrastructure of the global information society with their trillion investments on various telecommunication technologies from broadband to mobile. Their investments on software turned their technology-specific in-house procedures into modern layered OSS/BSS. This book analyzes the status and the future evolution of OSS/BSS software industry from multiple viewpoints including technology diffusion, vertical disintegration and evolution of a vertical software industry. The analysis uses both commercial databases on software market transactions and interviews of operators in Europe and Far East, using quantitative and qualitative methods. This research complying academic standards aims at serving the practical business needs in the companies shaping the future of communications: the CSPs and the software developers – sometimes found in a single enterprise.
Author: Haim Levy
Publisher: Elsevier
ISBN: 0080511597
Category : Business & Economics
Languages : en
Pages : 319
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Book Description
Microscopic Simulation (MS) uses a computer to represent and keep track of individual ("microscopic") elements in order to investigate complex systems which are analytically intractable. A methodology that was developed to solve physics problems, MS has been used to study the relation between microscopic behavior and macroscopic phenomena in systems ranging from those of atomic particles, to cars, animals, and even humans. In finance, MS can help explain, among other things, the effects of various elements of investor behavior on market dynamics and asset pricing. It is these issues in particular, and the value of an MS approach to finance in general, that are the subjects of this book. The authors not only put their work in perspective by surveying traditional economic analyses of investor behavior, but they also briefly examine the use of MS in fields other than finance. Most models in economics and finance assume that investors are rational. However, experimental studies reveal systematic deviations from rational behavior. How can we determine the effect of investors' deviations from rational behavior on asset prices and market dynamics? By using Microscopic Simulation, a methodology originally developed by physicists for the investigation of complex systems, the authors are able to relax classical assumptions about investor behavior and to model it as empirically and experimentally observed. This rounded and judicious introduction to the application of MS in finance and economics reveals that many of the empirically-observed "puzzles" in finance can be explained by investors' quasi-rationality. Researchers use the book because it models heterogeneous investors, a group that has proven difficult to model. Being able to predict how people will invest and setting asset prices accordingly is inherently appealing, and the combination of computing power and statistical mechanics in this book makes such modeling possible. Because many finance researchers have backgrounds in physics, the material here is accessible. - Emphasizes investor behavior in determining asset prices and market dynamics - Introduces Microscopic Simulation within a simplified framework - Offers ways to model deviations from rational decision-making
Author: Peter S. H. Leeflang
Publisher: Springer
ISBN: 9783319851600
Category : Business & Economics
Languages : en
Pages : 733
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Book Description
This volume presents advanced techniques to modeling markets, with a wide spectrum of topics, including advanced individual demand models, time series analysis, state space models, spatial models, structural models, mediation, models that specify competition and diffusion models. It is intended as a follow-on and companion to Modeling Markets (2015), in which the authors presented the basics of modeling markets along the classical steps of the model building process: specification, data collection, estimation, validation and implementation. This volume builds on the concepts presented in Modeling Markets with an emphasis on advanced methods that are used to specify, estimate and validate marketing models, including structural equation models, partial least squares, mixture models, and hidden Markov models, as well as generalized methods of moments, Bayesian analysis, non/semi-parametric estimation and endogeneity issues. Specific attention is given to big data. The market environment is changing rapidly and constantly. Models that provide information about the sensitivity of market behavior to marketing activities such as advertising, pricing, promotions and distribution are now routinely used by managers for the identification of changes in marketing programs that can improve brand performance. In today’s environment of information overload, the challenge is to make sense of the data that is being provided globally, in real time, from thousands of sources. Although marketing models are now widely accepted, the quality of the marketing decisions is critically dependent upon the quality of the models on which those decisions are based. This volume provides an authoritative and comprehensive review, with each chapter including: · an introduction to the method/methodology · a numerical example/application in marketing · references to other marketing applications · suggestions about software. Featuring contributions from top authors in the field, this volume will explore current and future aspects of modeling markets, providing relevant and timely research and techniques to scientists, researchers, students, academics and practitioners in marketing, management and economics.
Author:
Publisher:
ISBN:
Category : Industries
Languages : en
Pages : 660
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Book Description
Author:
Publisher: DIANE Publishing
ISBN: 9780788104329
Category : Business & Economics
Languages : en
Pages : 664
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Book Description
Highlights U.S. industrial activities and features: economic assumptions; recent financial performance of U.S. manufacturing corporations; the U.S. export boom and economic growth; highlights of the 1993 U.S. outlook; the top 50 trade events in 1993; Dept. of Commerce competitive assessments; industry reviews; trade finance; educational training; and forecasts. Also lists industry analysts by name with a phone number.
Author: Vincent Darley
Publisher: World Scientific
ISBN: 9812700013
Category : Business & Economics
Languages : en
Pages : 167
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Book Description
This pioneering book describes the applications of agent-based modeling to financial markets. It presents a new paradigm for finance, where markets are treated as complex systems whose behavior emerges as a result of interactions of market participants, market institutions, and market rules. This includes both a presentation of the conceptual model and its software implementation. It also summarises the result of the profound research on the successful practical application of this new approach to answer questions regarding the NASDAQ Stock Market's decimalization that was implemented in 2001.The book presents conceptual foundations for modeling markets as complex systems. It describes the agent-based model of the NASDAQ stock market, including strategies used by market-makers and investors, market participants interactions, and impacts of rules and regulations. It includes analyses of simulation behavior, comparison with the behaviors observed in the real-world markets (existence of fat tails, spread clustering, etc.), and predictions about possible outcomes of decimalization. A framework for calibrating the market behavior and individual market-makers strategies to historical data is also presented.
Author:
Publisher:
ISBN:
Category : Industries
Languages : en
Pages : 656
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Book Description
