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Re: [Swarmfest2006] Keynote speakers

From: Marcus G. Daniels
Subject: Re: [Swarmfest2006] Keynote speakers
Date: Fri, 21 Apr 2006 07:52:23 -0600
User-agent: Thunderbird 1.5 (Windows/20051201)

Pietro Terna wrote:
         But how can you obtain results like that of [examples removed]
To bring the topic back to the purpose of this list, and, say, having Doyne speak on behalf of ABM or not: His recent work uses very simple dynamical models with little or no internal state. That's because prices are not driven by the diversity of elaborate strategies, but rather what they have in common: greed, fear, and the market mechanism (the orderbook). Implementing many paranoid greedy agents (hiding their extent of their inventories, for example), doesn't really require ABM in the sense of heavyweight Swarm-like models. Drawing from probability distributions is enough. So I think in some sense if Doyne were to speak he'd provide a skeptical view for appropriate use of ABM (which might actually be good). Note the title of the Farmer/Patelli/Zovko paper: Zero intelligence. That wasn't ABM work..

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