New PDF release: Artificial Market Experiments with the U-Mart System

By Yoshinori Shiozawa, Yoshihiro Nakajima, Hiroyuki Matsui, Yuhsuke Koyama, Kazuhisa Taniguchi, Fumihiko Hashimoto

Economics went via nice improvement within the twentieth century. This improvement, which was once dependent usually on mathematical tools, isn't a suitable approach to studying markets that adjust each hour and each day. In a inventory industry, costs continually swap counting on hypothesis. U-Mart, a artifical marketplace, has been proposed with a view to learn such immediately relocating markets. even though the U-Mart process is the world over acclaimed for being on the vanguard of marketplace examine, its use is on no account constrained to a small variety of researchers at the fringe. the complete method, together with its resource code, is open and is shipped for free of charge, attesting to a philosophy of constructing and offering a typical attempt mattress for examine into monetary markets.

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Risk aversion (Hedging function) Futures trading has the function that averts (hedges) the price volatility risk. Now, let the example of a company2 that deals with foreign companies to explain this function (Fig. 2). ’ 50 3 Futures Market and U-Mart Experiment Fig. 2 Merchandise transaction of a company $10,000 to the United States, and is to receive the income one month later. In this case present exchange rate is 100 yen to the dollar. In this case, Company A waits for the exchange price concerning how it varies during the next month while being kept in suspense; on the other hand, the company has a demand for establishing the income.

Output messages for each machine agent can be loaded. Self-produced Java programs can be installed in the U-Mart system, while this book does not particularly introduce any such programs. By confirming the messages output by such prgrams, you can check whether machine agents are operating properly. 8 Pull-Down Menu There is a pull-down menu displayed by selecting the ‘Help’ from the menu bar (Fig. 18). When the ‘Tutorial’ is selected, the tutorial slides are displayed in a separate window. These slides have been utilized when holding a lecture for UMart beginners at universities or international academic conferences.

The spot price is prepared by the server, whereas futures price is produced as a result of the transaction made by agents. 2. Spread tab (Fig. 21) Displays the price difference (spread) between spot price and futures price with bar graphs. This tab is useful when evaluating the arbitrage transaction strategy to 44 2 How to Use the U-Mart System Network Edition Fig. 20 Price tab (Japanese Version) Fig. 21 Spread tab (Japanese Version) determine to buy or sell with a price spread. It is possible to confirm whether you could enter a timely trade at a point of significant price discrepancy by using the arbitrage transaction strategy.

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