Evolutionary Computation in Economics and Finance - download pdf or read online

By Shu-Heng Chen (auth.), Professor Shu-Heng Chen (eds.)

ISBN-10: 3790817848

ISBN-13: 9783790817843

ISBN-10: 3790825123

ISBN-13: 9783790825121

After a decade's improvement, evolutionary computation (EC) proves to be a strong software equipment for monetary research. whereas the call for for this apparatus is expanding, there is not any quantity completely written for economists. This quantity for the 1st time is helping economists to get a short grab on how EC might help their learn. A finished assurance of the topic is given, that comes with the next 3 components: video game concept, agent-based financial modelling and monetary engineering. Twenty major students from each one of those parts give a contribution a bankruptcy to the quantity. The reader will locate himself/herself treading the trail of the historical past of this learn region, from the fledgling level to the burgeoning period. the consequences on video games, labour markets, pollutants keep watch over, establishment and productiveness, monetary markets, buying and selling platforms layout and spinoff pricing, are new and engaging for various goal teams. The publication additionally comprises informations on necessary websites, meetings, and laptop software.

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While the first disadvantage may be solved by adding a re-learning scheme ([43]), there is no simple solution for the second one. As mentioned in Pereira's chapter, defining suitable profitability measure is not that straightforward due to different notions of risk and transaction costs. The issue can be more complicated because during genetic search some profitability measure (fitness functions) may embody potentially harmful biases. Nevertheless, the effects of profitability measure on genetic search has not been well documented, and this is what the next chapter tries to make up for.

As mentioned earlier, the selection scheme has received far less attention than it deserves in economic and financial applications. This chapter studies the performance of six selection schemes. Apart from roulette-wheel selection, tournament selection, steady-state selection, random selection (no selection), the authors consider a combination of random selection and roulette-wheel selection, called the fitness-over-selection selection. In the literature, tournament selection was shown superior to roulette-wheel selection on many occasions, and the chapter also confirms this result; furthermore, it suggests that tournament size can play a role as well.

MIT Press, Cambridge, MA, 689-703 41. Kirman A. , Vriend N. (2001) Evolving Market Structure: An ACE Model of Price Dispersion and Loyalty. Journal of Economic Dynamics and Control 25(3-4), 459-502 42. Koza J. (1992) A Genetic Approach to Econometric Modelling. , Walliser B. ), Economics and Cognitive Science. Pergamon Press, 57-75 43. Lanquillon C. (1999) Dynamic Aspects in Neural Classification. Intelligent Systems in Accounting, Finance and Managemnet 8(4), 281-296 44. , Arthur W. , Palmer R.

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Evolutionary Computation in Economics and Finance by Shu-Heng Chen (auth.), Professor Shu-Heng Chen (eds.)

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