Multi-agent models of robust open systems such as natural systems are the important theme in the literature of systems science. Heterarchy, which means dynamical hierarchy, is a structural model, which includes the dynamical interplay between different levels. However, it is not easy to build a formal model of a heterarchical system because the interplay between different levels lead a self-referential paradox. In this paper, we propose an continuous double auction model, which includes a formal model of conitnuous transaction. We encode the model into a restriction rule of the order submittion. The proposed model shows a critical behavior of the actual markets, and it can have the relationship with the behaviors of natural systems.
|Title of host publication
|International Conference of Numerical Analysis and Applied Mathematics, ICNAAM 2016
|Theodore E. Simos, Theodore E. Simos, Charalambos Tsitouras
|American Institute of Physics Inc.
|Published - 2017 Jul 21
|International Conference of Numerical Analysis and Applied Mathematics 2016, ICNAAM 2016 - Rhodes, Greece
Duration: 2016 Sept 19 → 2016 Sept 25
|AIP Conference Proceedings
|International Conference of Numerical Analysis and Applied Mathematics 2016, ICNAAM 2016
|16/9/19 → 16/9/25
ASJC Scopus subject areas
- General Physics and Astronomy