Auction Market: an application with agent-based model
DOI:
https://doi.org/10.5007/2175-8085.2024.e106002%20Keywords:
Leisure Class, Conspicuous Consumption, Pecuniary EmulationAbstract
Agent-based models are essential tools in Economics, enabling the simulation and evaluation of economic policies in dynamic environments. They bridge the gap between theory and reality by providing a virtual space to test economic decisions before implementation. This study develops an agent-based model to represent the behavior of agents in a double auction market, where buyers and sellers adjust their bids and price expectations over time. The results show that the model is consistent with auction theory, with prices reaching a dynamic equilibrium as agents' expectations adjust. These findings highlight the applicability of agent-based modeling in analyzing decentralized markets, offering valuable insights for improving auction mechanisms and economic policies.
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