In the last three decades, the People's Republic of China (PRC) has managed to replace its welfare-based urban housing system with a market-based housing provision scheme. With such significant housing policy changes, the PRC has successfully expanded urban home ownership and impressively...

The world is not decarbonizing fast enough, with global warming on track to reach as much as 4°C over the next century absent a global green transition. Policymakers in Europe-and beyond-still have an opportunity both to achieve net zero emissions by 2050 and to strengthen economic prospects by...

We propose a near zero-intelligence agent-based model of the E-Mini S&P 500 futures market that allows for a close examination of market microstructure in the context of a flash crash. Several classes of agents are characterized by how fast they trade and where they place trades in the limit...

The technological advancement of financial markets has allowed for trade to move to being nearly entirely electronic, with the majority of trades placed by automated participants. This has resulted in drastic increases in the quantity and complexity of regulatory data. The processing and...

Electronic markets have emerged as popular venues for the trading of a wide variety of financial assets, and computer based algorithmic trading has also asserted itself as a dominant force in financial markets across the world. Identifying and understanding the impact of algorithmic trading on...

The advent of electronic financial markets and associated technologies has dramatically improved the trading functions that are available to market participants in terms of speed, capacity and sophistication. Advanced data feed and audit trail information from market operators also make the full...

An agent-based model (ABM) has a structure, which includes a set of agents, a topology and an environment. A simplified conception of a financial market includes a set of market participants, a trading mechanism, and a set of securities. In a typical ABM of a financial market, the market...