In this paper we provide a brief introduction to the literature on agent-based financial modelling and, more specifically, artificial stock market modelling. In the selective literature review two broad categories of artificial stock market models are discussed: models based on hard-wired rules...

Šio tyrimo objektas yra akcijų rinka, kuri suvokiama kaip kompleksinė sistema, sudaryta iš bazinių elementų (vertybinių popierių, prekybos infrastruktūros ir atomistinių heterogeninių investuotojų) ir procesų (prognozavimo, investicinių sprendimų priėmimo, finansinių sąskaitų...

The main object of this study is the stock market, seen as a complex system constituted of basic elements (securities, trading infrastructure and atomistic heterogeneous investors) and process flows (forecasting, investment decision making, trade execution, maintenance of financial records,...

In this paper we propose an artificial stock market model based on interaction of heterogeneous agents whose forward-looking behaviour is driven by the reinforcement learning algorithm combined with some evolutionary selection mechanism. We use the model for the analysis of market...