The effects of periodic and continuous market environments on the performance of trading agents

Simulation experiments are conducted on simple continuous double auction (CDA) markets based on the experimental economics work of Vernon Smith. CDA models within experimental economics usually consist of a sequence of discrete trading periods or “days”, with allocations of stock and currency replenished at the start of each day, a situation we call “periodic” replenishment. In our experiments we look at both periodic and continuous-replenishment versions of the CDA. In this we build on the work of Cliff and Preist (2001) with human subjects, but we replace human traders with Zero Intelligence Plus (ZIP) trading agents, a minimal algorithm that can produce equilibrating market behaviour in CDA models. Our results indicate that continuous-replenishment (CR) CDA markets are similar to conventional periodic CDA markets in their ability to show equilibration dynamics. Secondly we show that although both models produce the same behaviour of price formation, they are different playing fields, as periodic markets are more efficient over time than their continuous counterparts. We also find, however, that the volume of trade in periodic CDA markets is concentrated in the early period of each trading day, and the market is in this sense inefficient. We look at whether ZIP agents require different parameters for optimal behaviour in each market type, and find that this is indeed the case. Overall, our conclusions mirror earlier findings on the robustness of the CDA, but we stress that a CR-CDA marketplace equilibrates in a different way to a periodic one

Simple circuit performs binary addition and subtraction

Ripple adder reduces the number of logic circuits required to preform binary addition and subtraction. The adder uses dual input and delayed output flip-flops in one register. The contents of this register are summed with those of a standard register through conventional AND/gates

Ripple add and ripple subtract binary counters Patent

Logic circuit to ripple add and subtract binary counters for spaceborne computer

Evolutionary stability of behavioural types in the continuous double auction

In this paper, we investigate the effectiveness of different types of bidding behaviour for trading agents in the Continuous Double Auction (CDA). Specifically, we consider behavioural types that are neutral (expected profit maximising), passive (targeting a higher profit than neutral) and aggressive (trading off profit for a better chance of transacting). For these types, we employ an evolutionary game-theoretic analysis to determine the population dynamics of agents that use them in different types of environments, including dynamic ones with market shocks. From this analysis, we find that given a symmetric demand and supply, agents are most likely to adopt neutral behaviour in static environments, while there tends to be more passive than neutral agents in dynamic ones. Furthermore, when we have asymmetric demand and supply, agents invariably adopt passive behaviour in both static and dynamic environments, though the gain in so doing is considerably smaller than in the symmetric case

Ski areas, weather and climate: Time series models for New England case studies

Wintertime warming trends experienced in recent decades, and predicted to increase in the future, present serious challenges for ski areas and whole regions that depend on winter tourism. Most research on this topic examines past or future climate-change impacts at yearly to decadal resolution, to obtain a perspective on climate-change impacts. We focus instead on local-scale impacts of climate variability, using detailed daily data from two individual ski areas. Our analysis fits ARMAX (autoregressive moving average with exogenous variables) time series models that predict day-to-day variations in skier attendance from a combination of mountain and urban weather, snow cover and cyclical factors. They explain half to two-thirds of the variation in these highly erratic series, with no residual autocorrelation. Substantively, model results confirm the backyard hypothesis that urban snow conditions significantly affect skier activity; quantify these effects alongside those of mountain snow and weather; show that previous-day conditions provide a practical time window; find no monthly effects net of weather; and underline the importance of a handful of high-attendance days in making or breaking the season. Viewed in the larger context of climate change, our findings suggest caution regarding the efficacy of artificial snowmaking as an adaptive strategy, and of smoothed yearly summaries to characterize the timing-sensitive impacts of weather (and hence, high-variance climate change) on skier activity. These results elaborate conclusions from our previous annual-level analysis. More broadly, they illustrate the potential for using ARMAX models to conduct integrated, dynamic analysis across environmental and social domains

Doppler lidar results from the San Gorgonio Pass experiments

During FY-84, the Doppler Lidar data from the San Gorgonio Pass experiments were analyzed, evaluated, and interpreted with regard to signal strength, signal width, magnitude and direction of velocity component and a goodness parameter associated with the expected noise level of the signal. From these parameters, a screening criteria was developed to eliminate questionable data. For the most part analysis supports the validity of Doppler Lidar data obtained at San Gorgonio Pass with respect to the mean velocity magnitude and direction. The question as to whether the Doppler width could be interpreted as a measure of the variance of the turbulence within the Doppler Lidar System (DLS) focal volume was not resolved. The stochastic nature of the Doppler broadening from finite residence time of the particles in the beam as well as other Doppler broadening phenomenon tend to mask the Doppler spread associated with small scale turbulence. Future tests with longer pulses may assist in better understanding

Training in behaviors and styles of listening as preparation for leadership in vocational ministry

https://place.asburyseminary.edu/ecommonsatsdissertations/1421/thumbnail.jp

Chemical and forensic analysis of JFK assassination bullet lots: Is a second shooter possible?

The assassination of President John Fitzgerald Kennedy (JFK) traumatized the nation. In this paper we show that evidence used to rule out a second assassin is fundamentally flawed. This paper discusses new compositional analyses of bullets reportedly to have been derived from the same batch as those used in the assassination. The new analyses show that the bullet fragments involved in the assassination are not nearly as rare as previously reported. In particular, the new test results are compared to key bullet composition testimony presented before the House Select Committee on Assassinations (HSCA). Matches of bullets within the same box of bullets are shown to be much more likely than indicated in the House Select Committee on Assassinations' testimony. Additionally, we show that one of the ten test bullets is considered a match to one or more assassination fragments. This finding means that the bullet fragments from the assassination that match could have come from three or more separate bullets. Finally, this paper presents a case for reanalyzing the assassination bullet fragments and conducting the necessary supporting scientific studies. These analyses will shed light on whether the five bullet fragments constitute three or more separate bullets. If the assassination fragments are derived from three or more separate bullets, then a second assassin is likely, as the additional bullet would not easily be attributable to the main suspect, Mr. Oswald, under widely accepted shooting scenarios [see Posner (1993), Case Closed, Bantam, New York].Comment: Published in at http://dx.doi.org/10.1214/07-AOAS119 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Institute of Mathematical Statistics (http://www.imstat.org

Heart - breaking Baby Doll

https://digitalcommons.library.umaine.edu/mmb-vp/3509/thumbnail.jp