Microscopic Simulation of Financial Markets

Verlag: Academic Press, 2000

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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. Size: Octavo. Quantity Available: 1. Shipped Weight: Under 1 kilo. Category: Economics; Inventory No: 73771. For further information on this title or for further photographs, please click on the "Ask Seller a Question" button directly underneath this listing. We aim to reply within three working days. Buyers from OUTSIDE of the UK are strongly recommended to make contact, to ask for an accurate shipping cost, BEFORE buying.…

Bestandsnummer des Verkäufers 73771

Bibliografische Details

Titel
Microscopic Simulation of Financial Markets
Autor
Levy (Moshe), Haim Levy & Sorin Solomon
Verlag
Academic Press
Veröffentlichungsjahr
2000
Zustand
Academic Press
Schutzumschlag
No Dust Jacket
Einband
Hardcover
Ausgabe
First Edition.
Verkäuferkataloge
Economics

The Petersfield Bookshop, ABA, ILAB

Petersfield, Hampshire, Vereinigtes Königreich

Verkäufer/-in mit 4 Sternen

AbeBooks-Verkäufer/-in seit 26. Januar 2012

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Are opening hours are from 10:00 to 17:00, Monday to Saturday. (Other times available by appointment). There is nearby "Pay & Display" parking available, and we are short walk from Petersfield Station (On the London to Portsmouth route). "The Petersfield Bookshop" specialises in buying and selling Antiquarian and second-hand books, but also sells antique maps and prints and. Inside the shop there is a display of antique dolls from Ann Westwood's private collection. A special feature of the premises is a canopied forecourt where second-hand books can be bought 24 hours a day, 365 days a year! "The Petersfield Bookshop" was founded in 1918 by Dr Harry Roberts, an East End doctor who had helped set up the Panel Scheme (the predecessor of the National Health Service). In 1958, Frank Westwood bought the business and relocated it to Chapel Street. Sadly Frank passed away in January 2006 but the shop continues as a family business, with Frank's wife Ann and sons David and John being partners.…

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