Diffusion and Aggregation in an Agent Based Model of Stock Market Fluctuations

We describe a new model to simulate the dynamic interactions between market price and the decisions of two different kind of traders. They possess spatial mobility allowing to group together to form coalitions. Each coalition follows a strategy chosen from a proportional voting ``dominated'' by a leader's decision. The interplay of both kind of agents gives rise to complex price dynamics that is consistent with the main stylized facts of financial time series.Comment: 17 pages, 8 figures (accepted for publication in Int. J. Mod. Phys. C

Behind the price: on the role of agent's reflexivity in financial market microstructure

In this chapter we review some recent results on the dynamics of price formation in financial markets and its relations with the efficient market hypothesis. Specifically, we present the limit order book mechanism for markets and we introduce the concepts of market impact and order flow, presenting their recently discovered empirical properties and discussing some possible interpretation in terms of agent's strategies. Our analysis confirms that quantitative analysis of data is crucial to validate qualitative hypothesis on investors' behavior in the regulated environment of order placement and to connect these micro-structural behaviors to the properties of the collective dynamics of the system as a whole, such for instance market efficiency. Finally we discuss the relation between some of the described properties and the theory of reflexivity proposing that in the process of price formation positive and negative feedback loops between the cognitive and manipulative function of agents are present.Comment: 12 pages, 1 figur

Proceedings of a Summer Institute in Water Resources: Volume II - The Economics of Water Resource Development and Conservation

Foreward: Recognizing the need for training of individuals to meet the rapidly rising problems connected with water resources development, Utah State University, with National Science Foundation support, organized a Summer Institute in Water Resources for college teachers. it was hoped that participants carefully selected from all regions of the country would receive additional insight and stimulation to improve and enlarge water resources training programs at their own institutions. Thus, the accelerated dissemination of such knowledge on a national scale could be facilitated. Realizing further that the key to a successful institute of this nature lay in the excellence of its staff, efforts were made to obtain instructors with intimate knowledge and broad experience int he subject matter area they were asked to rpesent. In nearly every case those selected willingly accepted the invitation to participate, although this meant considerable monetary sacrifice and major adjustment of busy schedules. The subject matter treated paralleled regular offerings listed in the University catalog and is considered to be central or core to a water resources planning and management training program. one course treated the philosophical, historical, institutional, political, and legal aspects of water development. The responsibility for this course was shared jointly with Cleve H. Milligan, Charles E. Corker, and Wayne D. Criddle. The second course considered the principles of water resources economics and was presented by B. Delworth Gardner. The third course dealt with concepts of water quality management and was under the direction of P. H. McGauhey. The final course was on principles and procedures of regional resources planning and was presented jointly by Aaron Wiener, W. R. Derrick Sewell, and Harvey O. Banks. Having assembled a distinguished and diversified staff to present some of the best current professional thinking in the topics suggested in the preceding paragraph, it was felt most appropriate to attempt to put their lectures into writing. A proceedings of the Institute would have considerable utility beyong the Institute itself. Hence, the instructors were encouraged to prepare written material for the proceedings and were given secretarial and other assistance to aid them. This material has been organized according to the four major courses and is issued in four comanion volumes. Clearly, this has been a prodigious effort which required Institute staff and others to go the extra mile. Special thanks and recognition are due Mrs. Dorothy Riley who not only typed the entire proceedings but also attended to many details necessary for the successfult operations of the Institute. Jay M. Bagley served as director of the Institute and assumed a general coordinating and editing role in the development of these proceedings

Financial Stress and Marital Quality: The Moderating Influence of Couple Communication

This study explores the negative relationship between financial stress and marital quality and examines couple communication as a moderator in this relationship. Using a sample of 373 married U.S. couples from the Flourishing Families Project, an Actor-Partner Interdependence Model (APIM) was run to determine the influence of husbands’ and wives’ financial stress on both their own and their partner’s reports of marital quality. Results found negative associations between both actor and partner reports of financial stress and marital quality. Couple communication did not moderate the associations between husbands’ and wives’ financial stress and wives’ marital quality. However, it did moderate the negative associations between both husbands’ and wives’ financial stress and husbands’ marital quality. Specifically, the deleterious relationship of financial stress to marital quality for husbands was significantly less severe when coupled with positive couple communication. Implications for financial therapists and avenues for future research are discussed

Prokaryotic respiration and production in the meso- and bathypelagic realm of the eastern and western North Atlantic basin

We measured prokaryotic production and respiration in the major water masses of the North Atlantic down to a depth of,4,000 m by following the progression of the two branches of North Atlantic Deep Water (NADW) in the oceanic conveyor belt. Prokaryotic abundance decreased exponentially with depth from 3 to 0.4 3 105 cells mL21 in the eastern basin and from 3.6 to 0.3 3 105 cells mL21 in the western basin. Prokaryotic production measured via 3H-leucine incorporation showed a similar pattern to that of prokaryotic abundance and decreased with depth from 9.2 to 1.1 mmol C m23 d21 in the eastern and from 20.6 to 1.2 mmol C m23 d21 in the western basin. Prokaryotic respiration, measured via oxygen consumption, ranged from about 300 to 60 mmol C m23 d21 from,100 m depth to the NADW. Prokaryotic growth efficiencies of,2 % in the deep waters (depth range 1,200–4,000 m) indicate that the prokaryotic carbon demand exceeds dissolved organic matter input and surface primary production by 2 orders of magnitude. Cell-specific prokaryotic production was rather constant throughout the water column, ranging from 15 to 32 3 1023 fmol C cell21 d21 in the eastern and from 35 to 58

How do Money, Sex, and Stress Influence Marital Instability?

This study explored how money and sex simultaneously predicted marital instability, and what financial therapists might focus on with clients to address problems in these areas. Specifically, this paper concurrently examined the relationship of marital instability to financial and family stressors (financial stressors, work-family conflict, and parenting stressors); financial and sexual resources (couple income and couple sexual frequency); and financial and sexual perceptions (financial dissatisfaction and sexual dissatisfaction). Couple financial communication and couple relational communication were explored as intervention points for financial therapists. Data came from Wave 2 of the Flourishing Families data set (N = 301). Data were organized using the ABC-X model of family stress (Hill, 1949) and integrated with Gottman\u27s research on the importance of relational communication (Navarra, Gottman, & Gottman, 2016). Path analysis revealed that family financial stressors were associated with greater financial dissatisfaction and sexual dissatisfaction. Work-family conflict was associated with greater couple income, and parenting stressors were positively associated with sexual dissatisfaction. Couple income was associated with lower financial dissatisfaction, and sexual frequency was associated with lower sexual dissatisfaction. Both financial dissatisfaction and sexual dissatisfaction predicted greater marital instability; however, healthy couple financial communication and healthy couple relationship communication fully mediated these two associations. This suggests that if financial therapists help clients to communicate more productively about money and sex, problems such as financial stress, work-family conflict, inadequate income, and conflicts about sexual frequency may be less likely to lead to divorce

The Sooner, the Better? Couples\u27 First Financial Discussion, Relationship Quality, and Financial Conflict in Emerging Adulthood

In couple relationships, discussing finances is often considered taboo. Specifically, emerging adult couples experience several unique financial challenges that may contribute to poorer financial communication and pose relational risks. Utilizing structural equation modeling with a sample of 1,950 U.S. emerging adults, the current study tests associations between the time of a couple’s first financial discussion, financial communication, relationship quality, and financial conflict. Results indicate that initiating financial discussion earlier in a romantic relationship may benefit relationship quality—through financial communication. However, having an earlier first financial discussion as a couple was also positively associated with financial conflict. Financial therapists might consider teaching emerging adult couples to have a first financial discussion earlier along with strategies to overcome financial conflict. Additionally, financial therapists may consider assessing when emerging adult couples first discussed finances in their relationship. Overall, our findings suggest the sooner an emerging adult couple discusses finances, the better

Multigenerational Modeling of Money Management

This study is about implicit financial socialization within families. It specifically examines how parental modeling facilitates the intergenerational transmission of healthy financial behaviors. This qualitative, multi-generational, multi-site study begins to answer the following research question: What financial behaviors are parents modeling for their children? The sample for this study (N=115) included 90 undergraduate students (ages 18-30) enrolled in family finance classes at three U.S. universities, 18 of their parents, and 7 of their grandparents. Using a team-based approach to qualitative data collection, analysis, and coding, four consensus themes related to parental financial modeling were distilled: (1) Working for a living (2) Managing money wisely (3) The importance of generosity and (4) Sacrificing for children. These ideas can be used by parents, family life educators, financial therapists, and others to help improve the quality of financial socialization within families

Feminism and Couple Finance: Power as a Mediator Between Financial Processes and Relationship Outcomes

Feminism is rarely used as a theoretical framework for couple finance research. The purposes of the present paper are (a) to discuss couple finance research in the context of feminism to encourage more frequent and explicit use of feminism in couple finance research, (b) to present a gender and couple finances model, and (c) to test this model with longitudinal dyadic data. Using actor-partner interdependence models (APIM) and data from 327U.S. mixed-gender couples, relational power was explored as a potential mediator between four couple financial processes (earners of money, access to money, management of money, and conflict about money) and two relationship outcomes (relationship quality and relationship stability). Results suggest that couple financial processes are associated with relationship outcomes and with joint management as well as low conflict being key longitudinally. Additionally, although power may not play a mediating role, it appears to be connected to couple financial processes and relationship outcomes concurrently. Gender differences as well as both actor and partner effects are explored. This research has implications for researchers, clinicians, and educators. For example, clinicians may want to encourage their clients to use joint bank accounts, manage their money jointly, and minimize financial conflict. Gender, and therefore power, are inseparably tied to couple finances. When both spouses are involved in financial processes, partners tend to be more empowered, and relationship quality and stability tend to be higher.12 month embargo; published online: 26 November 2018This item from the UA Faculty Publications collection is made available by the University of Arizona with support from the University of Arizona Libraries. If you have questions, please contact us at [email protected]