Design of Simulation Model with Focusing on Experimental Market Process

Abstract

The experimental markets on economics have been used to verify economic theories, or to educate students empirically. Therefore, most of the researchers have needed the experimental results to compare with economical theories, but not needed the experimental processes. The behavioral characteristics in the decision-making of each subject, however, could be observed in the actual experiments. In this paper, we design a behavioral model of agent emerging these market behaviors of subjects in the double auction markets. And, we verify the validity of our market behavior model through the simulation using the agents.