Department of Computational Social Science Seminar Abstract

Friday, October 19 - 3:00 p.m.
Center for Social Complexity Suite
Third Floor, Research Hall

Title: An Agent-based Model of Market Processes

Ernesto Carrella
CSS PhD Student
George Mason University

Abstract: How to pass time while you wait for the Walrasian auctioneer to solve for equilibrium prices? You might act, but that's rude because now the auctioneer has to start all over again. This is a model of what happens when everybody is rude. This is an agent-based model of market processes: it focuses on production and trading rather than allocation of endowments. It aims at being a general-purpose, scalable, continuous-time model of economic disequilibrium. In this talk I want to focus on the foundations of the model, the behavior of its agents, PID controllers, design patterns for evolutionary strategy and some early results.