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2019 | OriginalPaper | Chapter

11. Evolutionary Price Robustness

Author : Tim Gooding

Published in: Economics for a Fairer Society

Publisher: Springer International Publishing

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Abstract

Having demonstrated the impact of evolution on price patterns, we test its robustness: the code is changed, products are added, and variables altered. To help explain the results, an old experiment called a double auction is built using Netlogo to demonstrate the difference between short-term and long-term pricing dynamics.

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previous chapter Price Basics
next chapter Factors Impacting Money Distribution
Literature
Davis, D. D., & Holt, C. A. (1993). Experimental economics: Methods, problems, and promise. Estudios Economicos, 8, 179–212.
Easley, D., & Ledyard, J. O. (1993). Theories of price formation and exchange in double oral auctions. In D. Friedman & J. Rust (Eds.), The double auction market institutions, theories and evidence (pp. 63–97). Reading: Addison Wesley.
Veblen, T. (1898). Why is economics not an evolutionary science? The Quarterly Journal of Economics, 12(4), 373–397.
Williams, A. W. (1980). Computerized double-auction markets: Some initial experimental results. Journal of Business, 53, 235–258.
Metadata
Title
Evolutionary Price Robustness
Author
Tim Gooding
Copyright Year
2019
Book
Economics for a Fairer Society

Print ISBN: 978-3-030-17019-6

Electronic ISBN: 978-3-030-17020-2

Copyright Year: 2019

DOI
https://doi.org/10.1007/978-3-030-17020-2_11