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Recent progress in econophysics: Chaos, leverage, and business cycles as revealed by agent-based modeling and human experiments |
Chen Xin(), Ji-Ping Huang() |
Department of Physics and State Key Laboratory of Surface Physics, Fudan University, Shanghai 200433, China |
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Abstract Agent-based modeling and controlled human experiments serve as two fundamental research methods in the field of econophysics. Agent-based modeling has been in development for over 20 years, but how to design virtual agents with high levels of human-like “intelligence” remains a challenge. On the other hand, experimental econophysics is an emerging field; however, there is a lack of experience and paradigms related to the field. Here, we review some of the most recent research results obtained through the use of these two methods concerning financial problems such as chaos, leverage, and business cycles. We also review the principles behind assessments of agents’ intelligence levels, and some relevant designs for human experiments. The main theme of this review is to show that by combining theory, agent-based modeling, and controlled human experiments, one can garner more reliable and credible results on account of a better verification of theory; accordingly, this way, a wider range of economic and financial problems and phenomena can be studied.
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Keywords
agent-based modeling
controlled human experiment
minority game
econophysics
chaos
leverage
business cycle
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Corresponding Author(s):
Chen Xin,Ji-Ping Huang
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Issue Date: 07 September 2017
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