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

Kazuto Sasai, Yukio Pegio 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
EditorsTheodore E. Simos, Theodore E. Simos, Charalambos Tsitouras
PublisherAmerican Institute of Physics Inc.
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

Publication series

NameAIP Conference Proceedings
Volume1863
ISSN (Print)0094-243X
ISSN (Electronic)1551-7616

Other

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

ASJC Scopus subject areas

  • Physics and Astronomy(all)

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