Bàrbara Llacay

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Financial markets are a paradigmatic case of complex adaptive systems. However, their complexity cannot be captured by traditional modelisation paradigms and we thus need to turn to new modelling tools. We present agentbased simulation as the suitable paradigm to analyse financial markets: this method allows to study the market macro behaviour on the basis(More)
The trading and investment decision processes in financial markets become ever more dependent on the use of valuation and risk models. In the case of risk management for instance, modelling practice has become quite homogeneous and the question arises as to the effect this has on the price formation process. Furthermore, sophisticated investors who have(More)
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