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Higher Order Neural Network Architectures for Agent-Based Computational Economics and Finance

Higher Order Neural Network Architectures for Agent-Based Computational Economics and Finance
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Author(s): John Seiffertt (Missouri University of Science and Technology, USA) and Donald C. Wunsch II (Missouri University of Science and Technology, USA)
Copyright: 2009
Pages: 15
Source title: Artificial Higher Order Neural Networks for Economics and Business
Source Author(s)/Editor(s): Ming Zhang (Christopher Newport University, USA)
DOI: 10.4018/978-1-59904-897-0.ch004

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Abstract

As the study of agent-based computational economics and finance grows, so does the need for appropriate techniques for the modeling of complex dynamic systems and the intelligence of the constructive agent. These methods are important where the classic equilibrium analytics fail to provide sufficiently satisfactory understanding. In particular, one area of computational intelligence, Approximate Dynamic Programming, holds much promise for applications in this field and demonstrate the capacity for artificial Higher Order Neural Networks to add value in the social sciences and business. This chapter provides an overview of this area, introduces the relevant agent-based computational modeling systems, and suggests practical methods for their incorporation into the current research. A novel application of HONN to ADP specifically for the purpose of studying agent-based financial systems is presented.

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