Heterarcical market: Dynamical interplay between time and space in the continuous interaction in a market model

Kazuto Sasai, Yukio Gunji, Tetsuo Kinoshita

    Research output: Chapter in Book/Report/Conference proceedingConference contribution

    Abstract

    Multi-agent models of robust open systems such as natural systems are the important theme in the literature of systems science. Heterarchy, which means dynamical hierarchy, is a structural model, which includes the dynamical interplay between different levels. However, it is not easy to build a formal model of a heterarchical system because the interplay between different levels lead a self-referential paradox. In this paper, we propose an continuous double auction model, which includes a formal model of conitnuous transaction. We encode the model into a restriction rule of the order submittion. The proposed model shows a critical behavior of the actual markets, and it can have the relationship with the behaviors of natural systems.

    Original languageEnglish
    Title of host publicationInternational Conference of Numerical Analysis and Applied Mathematics, ICNAAM 2016
    PublisherAmerican Institute of Physics Inc.
    Volume1863
    ISBN (Electronic)9780735415386
    DOIs
    Publication statusPublished - 2017 Jul 21
    EventInternational Conference of Numerical Analysis and Applied Mathematics 2016, ICNAAM 2016 - Rhodes, Greece
    Duration: 2016 Sep 192016 Sep 25

    Other

    OtherInternational Conference of Numerical Analysis and Applied Mathematics 2016, ICNAAM 2016
    CountryGreece
    CityRhodes
    Period16/9/1916/9/25

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    ASJC Scopus subject areas

    • Physics and Astronomy(all)

    Cite this

    Sasai, K., Gunji, Y., & Kinoshita, T. (2017). Heterarcical market: Dynamical interplay between time and space in the continuous interaction in a market model. In International Conference of Numerical Analysis and Applied Mathematics, ICNAAM 2016 (Vol. 1863). [360014] American Institute of Physics Inc.. https://doi.org/10.1063/1.4992543