Estimation of Financial Agent-Based Models with Simulated Maximum Likelihood

This paper proposes a general computational framework for empirical estimation of financial agent based models, for which criterion functions do not have known analytical form. For this purpose, we adapt a nonparametric simulated maximum likelihood estimation based on kernel methods. Employing one of the most widely analysed heterogeneous agent models in the literature developed by Brock and Hommes (1998), we extensively test properties of the proposed estimator and its ability to recover parameters consistently and efficiently using simulations. Key empirical findings point us to the statistical insignificance of the switching coefficient but markedly significant belief parameters defining heterogeneous trading regimes with superiority of trend-following over contrarian strategies. In addition, we document slight proportional dominance of fundamentalists over trend following chartists in main world markets

Main Sections of the Earth Crust and Upper Mantle of the Greater Caucasus by New Technologies. 2. Deep Seismic Sounding, Micro Seismic Sounding

The work reviews the possibility of application of the seismic tomography method for processing the materials of deep seismic sounding (DSS). It presents comparative results by various softwares as GeoGiga Seismic PRO 7.0 (Canada), XTomo-LM (St. Petersburg). The work shows the possibility of using tomography together with the data of the micro seismic sounding (MSS) method. The basic section of the Earth's crust and upper mantle by tomographic sections. It is determined that the cover of the foundation is strongly indented, i.e., all the foundation is fragmented into blocks, which are enclosed by the net of faults formed according to the gradient zones of speeds and fragmentation of speed inhomogeneity in the tomography section. The thickness of the earth crust under the Greater Caucasus increases to 60—70 km. It reveals the speed image obtained as a result of seismic tomography, earlier constructed speed models of the DSS profiles of Bakuriani—Stepnoye and Nakhchivan—Volgograd reinterpreted by Pavlenkova G. A, also correlative analysis of the method of deep seismic sounding (DSS) and the method of micro seismic sounding (MSS) of the profile of Tskhinval—Ardon

ნახშირწყალბადების ძიებისას სეისმური ტომოგრაფიის მეთოდის გამოყენება გტკმ და სსზ მასალების გრავიმეტრიულ და მაგნიმეტრიულ მონაცემებთან კომპლექსში

განხილულია სეისმური, გრავიმეტრიული და მაგნიტომეტრიული მონაცემების გამოყენებით ნავთობგაზშემცავი სტრუქტურების ძიებაში სეისმური ტომოგრაფიის მეთოდის გამოყენების შესაძლებლობები. ჩატარებულია გეოფიზიკური მონაცემების კომპლექსური ანალიზი და დადგენილია აღმოსავლეთ საქართველოს ტერიტორიის ზოგიერთ უბანზე ნავთობგაზშემცავი საბადოების შესაძლო განაწილების სურათ