MOSHE LEVY – MICROSCOPIC SIMULATION OF FINANCIAL MARKETS

Microscopic Simulation uses a computer to represent and keep track of individual elements in order to investigate complex systems. A methodology that was developed to solve physics problems has been used to study the relation between microscopic behavior and macroscopic phenomena in systems ranging from those of atomic particles, to cars, animals, and even humans. Market dynamics and asset pricing can be explained by the effects of various elements of investor behavior. The value of anMS approach to finance is the subject of this book. The authors put their work in perspective by surveying traditional economic analyses of investor behavior, as well as briefly examining the use ofMS in fields other than finance. It’s not like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it Economics and finance models assume that investors are rational. Experiments show systematic deviations from rational behavior. The effect of investors deviating from rational behavior on asset prices can be determined. By using Microscopic Simulation, a methodology originally developed by physicists for the investigation of complex systems, the authors are able to relax classical assumptions about investor behavior. Many of the empirically-observed puzzles in finance can be explained by investors. It’s not like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it’s like it Heterogeneous investors have proven difficult to model, so researchers use the book. The combination of computing power and statistical mechanics in this book makes it possible to model how people will invest and set asset prices. The material here is accessible because many finance researchers have a background in physics.

There are key features. Emphasizes investor behavior in determining asset prices. Microscopic Simulation is introduced within a simplified framework. There are ways to model deviations from rational decision-making.

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