Collective intelligence approach to measuring invisible hand of the market

Authors:
Pawel Skrzynski;Tadeusz Szuba;Stanisław Szydło
Affiliations:
AGH University of Science and Technology, Faculty of Electrical Engineering, Automatics, IT and Electronics, Krakow, Poland;AGH University of Science and Technology, Faculty of Electrical Engineering, Automatics, IT and Electronics, Krakow, Poland;AGH University of Science and Technology, Faculty of Management
Venue:
ICCCI'11 Proceedings of the Third international conference on Computational collective intelligence: technologies and applications - Volume Part II
Year:
2011

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Abstract

The paper presents an invisible hand process simulation using a multi agent approach and its measure with a IQS - collective intelligence factor used to calculate the intelligence of a given social structure. Since it is widely assumed that in a free market, market participants create such a structure the authors claim that it is possible to calculate the effect of the invisible hand process by defining the IQS of the market. The agents behavior and interaction is modeled by adapting classical models from a theory of microeconomics which describes the ways goods are exchanged among agents. The paper also introduces in details the concept of a multi-agent market simulator which was used in experiments.