New Generation Computing, 23(2005)23-32
Ohmsha, Ltd. and Springer

A Study on Effects of Market Systems in an Artificial Market

Hidenori KAWAMURA, Yasushi OKADA and Azuma OHUCHI
Graduate School of Engineering, Hokkaido University,
Kita-13 Nishi-8, Kita-ku, Sapporo, 060-8628, Japan
{kawamura,yasushi,ohuchi}@complex.eng.hokudai.ac.jp
Koichi KURUMATANI
Cyber Assist Research Center (CARC),
National Institute of Advanced Industrial Science and Technology (AIST),
Aomi 2-41-6, Koto-ku, Tokyo, 135-0064, Japan
kurumatani@socsys.org

Received 29 November 2002

Abstract

In an artificial market approach with multi-agent systems, the static equilibrium concept is often used in market systems to approximate continuous market auctions. However, differences between the static equilibrium concept and continuous auctions have not been discussed in the context of an artificial market study. In this paper, we construct an artificial market model with both of them, namely, the Itayose and Zaraba method, and show simple characteristic differences between these methods based on computer simulations. The result indicates the further need to model the market system by studying artificial markets.

Keywords:Artificial Market, Zaraba, Itayose, Agent-Based Simulation, Multi-Agent System.

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