Daniel Ladley

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This paper reviews the Zero Intelligence methodology for investigating markets. This approach models individual traders, operating within a market mechanism, who behave without strategy in order to determine the impact of the market mechanism and consequently the effect of trader behaviour. The paper considers the major contributions and models within this(More)
Market theory is often concerned only with centralised markets. In this paper, we consider a market that is distributed over a network, allowing us to characterise spatially (or temporally) segregated markets. The effect of this modification on the behaviour of a market populated by simple trading agents was examined. It was demonstrated that an agent’s(More)
The building behaviour of termites has previously been modelled mathematically in two dimensions. However, physical and logistic constraints were not taken into account in these models. Here, we develop and test a three-dimensional agent-based model of this process that places realistic constraints on the diffusion of pheromones, the movement of termites,(More)
We introduce a distinction between algorithm performance and algorithm competence and argue that bio-inspired computing should characterize the former rather than the latter. To exemplify this, we explore and extend a bio-inspired algorithm for collective construction influenced by paper wasp behavior. Despite its being provably general in its competence,(More)
a r t i c l e i n f o Purpose: To examine the effect of individual versus group evaluation and reward systems on work group behavior and performance under different task conditions. Methodology: Uses computational social methods using Agent Based Models to simulate work group interactions as different forms of iterated games. Findings: Group based systems(More)
The majority of market theory is only concerned with centralised markets. In this paper, we consider a market that is distributed over a network, allowing us to characterise spatially (or temporally) separated markets. The effect of this modification on the behaviour of a market with a heterogeneous population of traders, under selection through a genetic(More)
This paper considers the performance of a monetary policy committee (MPC) in the case when the inflation forecast signals, upon which decisions are based, may be subject to manipulation by a committee member, hereafter called the First Receiver. We examine the nature and potential bias resulting from such manipulation using a simple discrete time(More)
This paper examines the relationship between the structure of the interbank lending market and systemic risk. We consider a model in which banks finance investment opportunities through household deposits and borrowing from other banks. Using simulation techniques a range of interbank markets structures are considered. It is shown that greater levels of(More)