An Artificial Stock Market with Interaction Network and Mimetic Agents

Agent-based artificial stock markets attracted much attention over the last years, and many models have been proposed. However, among them, few models take into account the social interactions and mimicking behaviour of traders, while the economic literature describes investors on financial markets as influenced by decisions of their peers and explains that this mimicking behaviour has a decisive impact on price dynamics and market stability. In this paper we propose a continuous double auction model of financial market, populated by heterogeneous traders who interact through a social network of influence. Traders use different investment strategies, namely: fundamentalists who make a decisions based on the fundamental value of assets; hybrids who are initially fundamentalists, but switch to a speculative strategy when they detect an uptrend in prices; noise traders who don’t have sufficient information to take rational decisions, and finally mimetic traders who imitate the decisions of their mentors on the interactions network. An experimental design is performed to show the feasibility and utility of the proposed model

An asynchronous double auction market to study the formation of financial bubbles and crashes

International audienceStock market is a complex system composed from heterogeneous traderswith highly non-linear interactions from which emerge a phenomenon of specula-tive bubble. To understand the role of heterogeneous behaviors of traders andinteractions between them in the emergence of bubbles, we propose an agent-basedmodel of double auction market, with asynchronous time management, where tra-ders act asynchronously and take different times to make decisions. The market is populated by heterogeneous traders. In addition to fundamentalist, noise, and technical (chartist) traders, we propose a hybrid trader, which can switch between technical (chartist) and fundamentalist strategies integrating panicking behavior. We find that when market is populated by a majority of hybrid traders, we observequite realistic bubble formation characterized by a boom phase when hybrid tradersswitch to technical behavior, followed by a relatively shorter burst phase whenhybrid traders return to fundamentalist strategy and change to panicked state. The aim is to design agents which act asynchronously, with simple behaviors, but complex enough to produce realistic price dynamics, which provide a basis fordeveloping agents with sophisticated decision-making processes

An Artificial Stock Market with Interaction Network and Mimetic Agents

International audienceAgent-based artificial stock markets attracted much attention over the last years, and many models have been proposed. However, among them, few models take into account the social interactions and mimicking behaviour of traders, while the economic literature describes investors on financial markets as influenced by decisions of their peers and explains that this mimicking behaviour has a decisive impact on price dynamics and market stability. In this paper we propose a continuous double auction model of financial market, populated by heterogeneous traders who interact through a social network of influence. Traders use different investment strategies, namely: fundamentalists who make a decisions based on the fundamental value of assets; hybrids who are initially fundamentalists, but switch to a speculative strategy when they detect an uptrend in prices; noise traders who don’t have sufficient information to take rational decisions, and finally mimetic traders who imitate the decisions of their mentors on the interactions network. An experimental design is performed to show the feasibility and utility of the proposed model

Hydrothermal Synthesis of Hematite Nanoparticles Decorated on Carbon Mesospheres and Their Synergetic Action on the Thermal Decomposition of Nitrocellulose

In this study, carbon mesospheres (CMS) and iron oxide nanoparticles decorated on carbon mesospheres (Fe2O3-CMS) were effectively synthesized by a direct and simple hydrothermal approach. α-Fe2O3 nanoparticles have been successfully dispersed in situ on a CMS surface. The nanoparticles obtained have been characterized by employing different analytical techniques encompassing Fourier transform infrared (FTIR) spectroscopy, Raman spectroscopy, X-ray diffraction (XRD) and scanning electron microscopy (SEM). The produced carbon mesospheres, mostly spherical in shape, exhibited an average size of 334.5 nm, whereas that of Fe2O3 supported on CMS is at around 80 nm. The catalytic effect of the nanocatalyst on the thermal behavior of cellulose nitrate (NC) was investigated by utilizing differential scanning calorimetry (DSC). The determination of kinetic parameters has been carried out using four isoconversional kinetic methods based on DSC data obtained at various heating rates. It is demonstrated that Fe2O3-CMS have a minor influence on the decomposition temperature of NC, while a noticeable diminution of the activation energy is acquired. In contrast, pure CMS have a slight stabilizing effect with an increase of apparent activation energy. Furthermore, the decomposition reaction mechanism of NC is affected by the introduction of the nano-catalyst. Lastly, we can infer that Fe2O3-CMS may be securely employed as an effective catalyst for the thermal decomposition of NC

Effect of micro- and nano-CuO on the thermal decomposition kinetics of high-performance aluminized composite solid propellants containing complex metal hydrides

In the present work, an attempt has been made to unveil the effect of micro- and nano-particles of copper oxide (µCuO and nCuO) on the thermal decomposition of composite solid propellants (CSPs) based on ammonium perchlorate, hydroxyl terminated polybutadiene and binary fuel mixture of aluminum and lithium tetrahydridoaluminate (AP/HTPB/Al+LiAlH4). The prepared CSPs were analyzed by different analytical techniques. The second part of the study was devoted to the kinetic modeling of the thermal decomposition process of the fabricated CSPs samples. In the light of the obtained results, it was concluded that the use of µCuO and nCuO accelerated the decomposition of CSPs. Moreover, the incorporation of nCuO to the LiAlH4-based propellant increased substantially the heat release and decreased the average activation energy compared to the baseline samples. Moreover, the decomposition reaction mechanisms of the investigated propellant samples have clearly changed through the incorporation of nano- and micro-CuO

Effects of anticipated prescription of radiography by the triage nurse on the waiting time in an emergency department

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