Guest editorial: artifact assessment versus theory testing
Simulation and Gaming - Symposium: Artifact assessment versus theory testing
Social Choice in a Computer-Assisted Simulation
Simulation and Gaming
Computational & Mathematical Organization Theory
The Interest of Having Loyal Buyers in a Perishable Market
Computational Economics
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The authors combine two methodologies--experimental economics and agent-based simulation--for the study of rational behavior of individuals in a market environment. The related market represents a competitive continuous double auction (CDA). Much of what is known about CDA is based on experimental research. The choice processes observed during behavior experiments are still not understood sufficiently. Therefore, in this article, the authors build an artificial society to analyze how perceptions of the market price affect individual strategies and collective behavior. More precisely, using an analytical science approach, they study learning (e.g., number of transactions memorized) and use of global versus local information. The result of their work mainly shows that the memory of past transactions is of little importance and that the revision of prices models the memory of agents adequately to demonstrate how rapidly price converges on an equilibrium state of the market.