Difference between revisions of "MinSim"

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[[Using MinSim]]
[[Using MinSim]]
==Meeting Agendas/Tasks for Next Meeting==
[[Minsim Meeting Agendas and Recaps]]
For next week:
* Look up information on Aspen project/failure(?) (starting point: [http://www.cs.sandia.gov/tech_reports/rjpryor/Aspen.html Aspen])
*Look at Chris's software and start trying to see if real-life economic problems are reproduced in the simulation
**Tariffs, international trade
**Specialization of labor, Adam Smith
**Maximizing revenue of entrepreneurs vs total country revenue
**Inflation, Stagflation, Phillips curve
**Compare the stability of a central banking system with that of the gold standard
**Evaluate the "bailout"
*Post summaries of articles up on the wiki
**Sign up for the wiki
**Edit the section "Papers on economic Agent-Based simulation"
* Look at the household model and formulate ways to improve Chris's model
*Went over code
*Why don't prices stabilize on its own?
*Broad objectives?
*Figure out where supply/demand is in the code
*use this to see if the simulation satisfies the properties of supply/demand
*Play with parameters- More stability with more workers, etc? (keep in mind that this slows down the program)
*Brainstorm things we can look at in the future
*Interest rates?
*Meet separately Wednesday (4:30, Friend library) to look over code
*Start looking into old intro micro/macro books
Meeting Recap 10/13/08 - Tasks
*Baseline economy
*External Influence
**SEC Regulation
**Government Regulation
*Factors going into external influence
***Central banks
***Gold standard
**Technical vs. Fundamental analysis
***Trend following
**Machine learning
***Partial/full information for agent?
***Emotional agents?
***Agents don’t have to be fully rational
***How good should the machine learning be to reflect the world?
**International Trade
Meeting Recap 10/20/08 - Tasks
*eric- lifecycles of individual
*tony- info flow, communication, mkt for information
*stephanie- financial intruments? taxes, 401ks?
**Current banking system, politician's plans- will it work? Moratorium on mortgages. Free market vs. regulation of government
**Controversy b/w deregulation and regulation, party platforms
*CVS setup
Meeting 11/3/08
*Sheri wants to look at Trend following, arbitrageurs
*Tony wants to look at media- flow of information in economy where default state is that they only know local information
*To simulate: make a theory, get mathematical results, then simulate to verify/revoke results
*Market failure - used to justify infusion of capital, govt regulation (build model for credit default swaps - miscalculation of risk- because of lack of government regulation?)
*IIASA: publications that conduct interdisciplinary studies on economy and other global forces: [http://www.iiasa.ac.at/cgi-bin/pub/pubsrchKK IIASA]
Meeting Updates 11/10/08
* Eric's professor recommends that he understand the original model in the simulation and go through literature to understand savings and lifetimes.
* Tony - wants to start fundamentally on convergent prices and how information flows with pricing mechanisms.
**Zero-intelligence Agents- Economic science association conference
**JEBO- paper by Mizuta, giving agents access to order book with offers to buy and sell-- enormously stabilizing
* Tony's advisor wants him to first do analytics, then do simulation
* Stephanie- is going to look into interbank lending and the credit crunch, then if possible, look into CDS contracts
** Prof Steiglitz has a technical description of credit crunch by a WWS professor affililated with the Econ dept
* Tony should look into auctions
* Stephanie will write up API documentation on the banking code.
* Framework interface is set up to define arbitrageurs like hedge fund. The entrepreneurs are arbitrage firms.
* Presentation by Prof. Vichnevetsky: "World" Modeling and Simulation
* Bib-tech: allows you to sort citations
* Paper summaries: To migrate to the main website at minsim.cs.princeton.edu.  Will create a bibliographic list, with links to popups with sumaries.
* Tutorial
** Should be assessable to everyone
** Getting started page
** Step by step instructions
** Eclipse cheat-sheet
** Applications to COS444 and other classes
* Tony: locality problems to be looked into
* Machine learning responses to bidding strategies
** Ausubel + Cramton paper

Revision as of 02:48, 1 December 2008

This page will detail work done in Agent-Based simulation of a minimal economy (MinSim) at Princeton University and links to research being done elsewhere.

This page will be under constant construction during the Fall 2008-2009 term. Please come back soon for updates.


Links to Chris Chan's papers on MinSim:

Papers on Economic Agent-Based simulation

Using MinSim

Minsim Meeting Agendas and Recaps