Artificial Market Experiments with the U-Mart System by Yoshinori Shiozawa, Yoshihiro Nakajima, Hiroyuki Matsui,

By Yoshinori Shiozawa, Yoshihiro Nakajima, Hiroyuki Matsui, Yuhsuke Koyama, Kazuhisa Taniguchi, Fumihiko Hashimoto

Economics went via nice improvement within the twentieth century. This improvement, which was once dependent in general on mathematical equipment, isn't really a suitable approach to reading markets that adjust each hour and each day. In a inventory industry, costs continuously swap reckoning on hypothesis. U-Mart, a artifical industry, has been proposed which will learn such immediately relocating markets. even supposing the U-Mart process is across the world acclaimed for being on the leading edge of industry learn, its use is certainly not constrained to a small variety of researchers at the fringe. the complete method, together with its resource code, is open and is sent for gratis, attesting to a philosophy of constructing and supplying a typical try out mattress for examine into monetary markets.

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However, a server machine that serves to an exchange is required to handle a vast amount of orders from clients, which burdens the server heavily. Adequate performance and stable system environment are very essential. 1 Network Environment Experiments through a network require a server machine that serves as the exchange and multiple client machines as an agent. The market server is an application program serving as an exchange on the server machine, and the trading terminals serve as the agent in the client machines.

The functions of futures market discussed in [13] are introduced as follows. Risk aversion (Hedging function) Futures trading has the function that averts (hedges) the price volatility risk. Now, let the example of a company2 that deals with foreign companies to explain this function (Fig. 2). ’ 50 3 Futures Market and U-Mart Experiment Fig. 2 Merchandise transaction of a company $10,000 to the United States, and is to receive the income one month later. In this case present exchange rate is 100 yen to the dollar.

The price and volume are determined at present time, whereas the product does not move until the settlement date. Actually, the product is not delivered from the seller to buyer because netting is taken place after conducting the closed trade by the due date (netting and the closed trade will be mentioned later). 2 Futures Market 49 Fig. 1 Futures Market Mechanism The ‘products’ mentioned here do not include only commodities such as serials like rice or red beans, precious metals like gold and silver, and oil, or rubber.

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