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Fraud and manipulation in prediction markets are systematic results of incentive incompatibility, which, if present, have to be detected and balanced. ""Manipulations in Prediction Markets"" gives a critical insight into manipulations that are most likely to occur in prediction markets. In a general approach the book discusses the issue of incentives in markets and the breakdown of the incentive system. On this basis a new way of detecting irregular trading behaviour is introduced.
Wisdom of Crowds --- Social Network Analysis --- Manipulations --- Incentive Systems --- Prediction Markets
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When the Soviet Union launched Sputnik, the Red Scare seized the American public. While President Eisenhower cautioned restraint, his hand was forced, and NASA's budget had increased five thousand percent over its pre-Sputnik levels by the time President Kennedy proposed landing a man on the moon. Spending on the space race is in no way unique; Almost every policy area has its own Sputnik-type story, where waves of popular support for an idea (or disillusionment with a previous one) created new political priorities, resulting in dramatic changes to the budget or compelling agencies to respond quickly with little knowledge or preparation. Is this instability an inherent feature of the policy process, or is it possible for an agency to deal with problems in a way that insulates it from swings in public opinion and thus imposes some stability on the decision making process? Derek A. Epp argues that some agencies can indeed do that and that instability is at least partially a function of poor institutional design. While it is inherently more challenging to maintain stability around complex problems like immigration or climate change, the deliberative process itself can affect the degree of stability around an issue. Epp looks at whether agencies follow a deliberative model for decision making, in which policies are developed by means of debate among a small group of policymakers, or a collective model, in which the opinions of many people are aggregated, as with the stock market. He argues that, in many instances, the collective model produces more informed and stable policy outcomes that can be adapted more readily to new information and changing public priorities.
Policy sciences --- Public administration --- United States --- Politics and government. --- complexity. --- information processing. --- institutional capacity. --- policy change. --- public policy. --- wisdom of crowds.
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Research on intelligent agents and multi-agent systems has matured during the past decade, and many effective applications of this technology are currently being deployed. Although computational approaches for multi-agent systems have mainly emerged in the past few decades, scholars have been prolific with regard to the variety of methods proposed to solve this paradigm. Different communities have emerged with multi-agent systems as their main research topic. Multi-agent systems allow the development of distributed and intelligent applications in complex and dynamic environments. Systems of this kind play a crucial role in life, evidenced by the broad range of applied areas involved in their use, including manufacturing, management sciences, e-commerce, and biotechnology. There are many reasons for the interest of researchers in this new discipline. Firstly, computational systems have gradually shifted towards a distributed paradigm where heterogeneous entities with different goals can enter and leave the system dynamically and interact with each other. Secondly, new computational systems should be able to negotiate with one another, typically on the behalf of humans, in order to come to mutually acceptable agreements. As a consequence, autonomy, interaction, mobility, and openness are key concepts studied in the area. The purpose of this book is to document some of the advances made in this paradigm and attempt to show the current state of this technology by analyzing different aspects in addition its possible application in various domains. This review of the current state-of-the-art does not intend to make an exhaustive exploration of all the current existing works but, rather, to try to give an overview of the research in agent technology, showing the high level of activity of this area.
History of engineering & technology --- multi-robot --- consensus problem --- formation control --- noise --- time delay --- unmanned surface vehicles --- multi-agent system --- training system --- genetic-based fuzzy rule learning --- intelligent autonomous control --- modeling and simulation --- multi-agent systems --- smart city development --- spatiotemporal modeling --- actor–network theory --- geoparticipation --- social interactions --- simulation model --- photovoltaic energy --- parameter fine-tuning --- self-reported behaviour --- predictive model --- multi-agent planning and scheduling --- potential game --- equilibrium selection --- interoperability --- multiagent systems --- organizational models --- agent-based collective intelligence --- multi-agent complex systems --- scale-free properties --- power law distribution --- biologically inspired approaches and methods --- collective foraging --- physics-based simulation --- methodologies for agent-based systems --- multi-robot simulation --- discrete event simulator --- agent and multi-agent applications --- classification --- prediction --- multi-agent --- wisdom-of-crowds --- Hollywood --- feature-extension --- collective-intelligence --- swarm --- educational games --- game design --- situated psychological agents --- education --- competences --- decision support system --- agent based modeling and simulation --- production scheduling --- green coffee supply chain --- agent-based modeling --- agent-based simulation --- decision support
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Research on intelligent agents and multi-agent systems has matured during the past decade, and many effective applications of this technology are currently being deployed. Although computational approaches for multi-agent systems have mainly emerged in the past few decades, scholars have been prolific with regard to the variety of methods proposed to solve this paradigm. Different communities have emerged with multi-agent systems as their main research topic. Multi-agent systems allow the development of distributed and intelligent applications in complex and dynamic environments. Systems of this kind play a crucial role in life, evidenced by the broad range of applied areas involved in their use, including manufacturing, management sciences, e-commerce, and biotechnology. There are many reasons for the interest of researchers in this new discipline. Firstly, computational systems have gradually shifted towards a distributed paradigm where heterogeneous entities with different goals can enter and leave the system dynamically and interact with each other. Secondly, new computational systems should be able to negotiate with one another, typically on the behalf of humans, in order to come to mutually acceptable agreements. As a consequence, autonomy, interaction, mobility, and openness are key concepts studied in the area. The purpose of this book is to document some of the advances made in this paradigm and attempt to show the current state of this technology by analyzing different aspects in addition its possible application in various domains. This review of the current state-of-the-art does not intend to make an exhaustive exploration of all the current existing works but, rather, to try to give an overview of the research in agent technology, showing the high level of activity of this area.
multi-robot --- consensus problem --- formation control --- noise --- time delay --- unmanned surface vehicles --- multi-agent system --- training system --- genetic-based fuzzy rule learning --- intelligent autonomous control --- modeling and simulation --- multi-agent systems --- smart city development --- spatiotemporal modeling --- actor–network theory --- geoparticipation --- social interactions --- simulation model --- photovoltaic energy --- parameter fine-tuning --- self-reported behaviour --- predictive model --- multi-agent planning and scheduling --- potential game --- equilibrium selection --- interoperability --- multiagent systems --- organizational models --- agent-based collective intelligence --- multi-agent complex systems --- scale-free properties --- power law distribution --- biologically inspired approaches and methods --- collective foraging --- physics-based simulation --- methodologies for agent-based systems --- multi-robot simulation --- discrete event simulator --- agent and multi-agent applications --- classification --- prediction --- multi-agent --- wisdom-of-crowds --- Hollywood --- feature-extension --- collective-intelligence --- swarm --- educational games --- game design --- situated psychological agents --- education --- competences --- decision support system --- agent based modeling and simulation --- production scheduling --- green coffee supply chain --- agent-based modeling --- agent-based simulation --- decision support
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Research on intelligent agents and multi-agent systems has matured during the past decade, and many effective applications of this technology are currently being deployed. Although computational approaches for multi-agent systems have mainly emerged in the past few decades, scholars have been prolific with regard to the variety of methods proposed to solve this paradigm. Different communities have emerged with multi-agent systems as their main research topic. Multi-agent systems allow the development of distributed and intelligent applications in complex and dynamic environments. Systems of this kind play a crucial role in life, evidenced by the broad range of applied areas involved in their use, including manufacturing, management sciences, e-commerce, and biotechnology. There are many reasons for the interest of researchers in this new discipline. Firstly, computational systems have gradually shifted towards a distributed paradigm where heterogeneous entities with different goals can enter and leave the system dynamically and interact with each other. Secondly, new computational systems should be able to negotiate with one another, typically on the behalf of humans, in order to come to mutually acceptable agreements. As a consequence, autonomy, interaction, mobility, and openness are key concepts studied in the area. The purpose of this book is to document some of the advances made in this paradigm and attempt to show the current state of this technology by analyzing different aspects in addition its possible application in various domains. This review of the current state-of-the-art does not intend to make an exhaustive exploration of all the current existing works but, rather, to try to give an overview of the research in agent technology, showing the high level of activity of this area.
History of engineering & technology --- multi-robot --- consensus problem --- formation control --- noise --- time delay --- unmanned surface vehicles --- multi-agent system --- training system --- genetic-based fuzzy rule learning --- intelligent autonomous control --- modeling and simulation --- multi-agent systems --- smart city development --- spatiotemporal modeling --- actor–network theory --- geoparticipation --- social interactions --- simulation model --- photovoltaic energy --- parameter fine-tuning --- self-reported behaviour --- predictive model --- multi-agent planning and scheduling --- potential game --- equilibrium selection --- interoperability --- multiagent systems --- organizational models --- agent-based collective intelligence --- multi-agent complex systems --- scale-free properties --- power law distribution --- biologically inspired approaches and methods --- collective foraging --- physics-based simulation --- methodologies for agent-based systems --- multi-robot simulation --- discrete event simulator --- agent and multi-agent applications --- classification --- prediction --- multi-agent --- wisdom-of-crowds --- Hollywood --- feature-extension --- collective-intelligence --- swarm --- educational games --- game design --- situated psychological agents --- education --- competences --- decision support system --- agent based modeling and simulation --- production scheduling --- green coffee supply chain --- agent-based modeling --- agent-based simulation --- decision support --- multi-robot --- consensus problem --- formation control --- noise --- time delay --- unmanned surface vehicles --- multi-agent system --- training system --- genetic-based fuzzy rule learning --- intelligent autonomous control --- modeling and simulation --- multi-agent systems --- smart city development --- spatiotemporal modeling --- actor–network theory --- geoparticipation --- social interactions --- simulation model --- photovoltaic energy --- parameter fine-tuning --- self-reported behaviour --- predictive model --- multi-agent planning and scheduling --- potential game --- equilibrium selection --- interoperability --- multiagent systems --- organizational models --- agent-based collective intelligence --- multi-agent complex systems --- scale-free properties --- power law distribution --- biologically inspired approaches and methods --- collective foraging --- physics-based simulation --- methodologies for agent-based systems --- multi-robot simulation --- discrete event simulator --- agent and multi-agent applications --- classification --- prediction --- multi-agent --- wisdom-of-crowds --- Hollywood --- feature-extension --- collective-intelligence --- swarm --- educational games --- game design --- situated psychological agents --- education --- competences --- decision support system --- agent based modeling and simulation --- production scheduling --- green coffee supply chain --- agent-based modeling --- agent-based simulation --- decision support
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"Half of all Americans have money in the stock market, yet economists can’t agree on whether investors and markets are rational and efficient, as modern financial theory assumes, or irrational and inefficient, as behavioral economists believe. The debate is one of the biggest in economics, and the value or futility of investment management and financial regulation hangs on the answer. In this groundbreaking book, Andrew Lo transforms the debate with a powerful new framework in which rationality and irrationality coexist—the Adaptive Markets Hypothesis. Drawing on psychology, evolutionary biology, neuroscience, artificial intelligence, and other fields, Adaptive Markets shows that the theory of market efficiency is incomplete. When markets are unstable, investors react instinctively, creating inefficiencies for others to exploit. Lo’s new paradigm explains how financial evolution shapes behavior and markets at the speed of thought—a fact revealed by swings between stability and crisis, profit and loss, and innovation and regulation. An ambitious new answer to fundamental questions about economics and investing, Adaptive Markets is essential reading for anyone who wants to understand how markets really work." -- Publisher's description.
Investments --- Stock exchanges. --- Efficient market theory. --- Psychological aspects. --- Market theory, Efficient --- Capital market --- Stock exchanges --- Bulls and bears --- Commercial corners --- Corners, Commercial --- Equity markets --- Exchanges, Securities --- Exchanges, Stock --- Securities exchanges --- Stock-exchange --- Stock markets --- Efficient market theory --- Speculation --- Adaptive market hypothesis. --- Arbitrage. --- Asset. --- Bank run. --- Bank. --- Behavior. --- Behavioral economics. --- Biology. --- Broker-dealer. --- Calculation. --- Career. --- Central bank. --- Competition. --- Cryptocurrency. --- Currency. --- Customer. --- Debt. --- Decision-making. --- Economics. --- Economist. --- Ecosystem. --- Efficient-market hypothesis. --- Employment. --- Entrepreneurship. --- Equity Market. --- Evolution. --- Finance. --- Financial crisis of 2007–08. --- Financial crisis. --- Financial economics. --- Financial innovation. --- Financial institution. --- Financial services. --- Financial technology. --- Forecasting. --- Fraud. --- Funding. --- Hedge Fund Manager. --- Hedge fund. --- Heuristic. --- Homo economicus. --- Human behavior. --- Incentive. --- Income. --- Insider. --- Insurance. --- Interest rate. --- Investment strategy. --- Investment. --- Investor. --- Leverage (finance). --- Macroeconomics. --- Margin (finance). --- Market (economics). --- Market Dynamics. --- Market liquidity. --- Market maker. --- Market price. --- Market trend. --- Myron Scholes. --- Narrative. --- Paul Samuelson. --- Ponzi scheme. --- Portfolio manager. --- Prediction. --- Prefrontal cortex. --- Probability matching. --- Probability. --- Psychology. --- Random walk hypothesis. --- Rational expectations. --- Rationality. --- Result. --- Risk aversion. --- Risk management. --- S&P 500 Index. --- Salary. --- Saving. --- Scientist. --- Share price. --- Sociobiology. --- Speculation. --- Stock market crash. --- Stock market. --- Supply (economics). --- Systemic risk. --- Technology. --- The Wisdom of Crowds. --- Theory. --- Thought experiment. --- Thought. --- Time series. --- Trade-off. --- Trader (finance). --- Trading strategy. --- Uncertainty. --- Venture capital. --- Warren Buffett. --- Wealth. --- Year.
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An essential guide to recognizing bogus numbers and misleading dataNumbers are often intimidating, confusing, and even deliberately deceptive-especially when they are really big. The media loves to report on millions, billions, and trillions, but frequently makes basic mistakes or presents such numbers in misleading ways. And misunderstanding numbers can have serious consequences, since they can deceive us in many of our most important decisions, including how to vote, what to buy, and whether to make a financial investment. In this short, accessible, enlightening, and entertaining book, leading computer scientist Brian Kernighan teaches anyone-even diehard math-phobes-how to demystify the numbers that assault us every day.With examples drawn from a rich variety of sources, including journalism, advertising, and politics, Kernighan demonstrates how numbers can mislead and misrepresent. In chapters covering big numbers, units, dimensions, and more, he lays bare everything from deceptive graphs to speciously precise numbers. And he shows how anyone-using a few basic ideas and lots of shortcuts-can easily learn to recognize common mistakes, determine whether numbers are credible, and make their own sensible estimates when needed.Giving you the simple tools you need to avoid being fooled by dubious numbers, Millions, Billions, Zillions is an essential survival guide for a world drowning in big-and often bad-data.
Numbers, Complex. --- Data mining. --- Algorithmic knowledge discovery --- Factual data analysis --- KDD (Information retrieval) --- Knowledge discovery in data --- Knowledge discovery in databases --- Mining, Data --- Database searching --- Complex numbers --- Imaginary quantities --- Quantities, Imaginary --- Algebra, Universal --- Quaternions --- Vector analysis --- A picture is worth a thousand words. --- AARP. --- American Medical Association. --- Approximation. --- Arithmetic mean. --- Arithmetic. --- Associated Press. --- Baby boomers. --- Back-of-the-envelope calculation. --- Barrel (unit). --- Birth rate. --- Blogger (service). --- Body surface area. --- Breast cancer. --- Calculation. --- Celsius. --- Centenarian. --- Computation. --- Consumer Reports. --- Corporate tax. --- Correlation does not imply causation. --- Daniel Kahneman. --- Darrell Huff. --- Dilbert. --- Dot-com bubble. --- Economics. --- Edward Tufte. --- Error. --- Estimation. --- Exabyte. --- Exponential growth. --- FLOPS. --- Factoid. --- Fermi problem. --- Gigabyte. --- Half Gone. --- Headline. --- Hectare. --- Home computer. --- How to Lie with Statistics. --- Hulu. --- Identity theft. --- Inception. --- Inflation. --- Innumeracy (book). --- Jeff Bezos. --- John Maynard Keynes. --- Just in case. --- Kilobit. --- Kilogram. --- Life expectancy. --- Little's law. --- Millionth. --- Mortality rate. --- My Local. --- Naomi Wolf. --- National Rifle Association. --- Net worth. --- Newspaper. --- Newsweek. --- Nobel Prize. --- Order of magnitude. --- Outright. --- Percentage point. --- Percentage. --- Petabit. --- Petabyte. --- Population growth. --- Pound sterling. --- Power of 10. --- Quadrillion. --- Quantity. --- Ranking (information retrieval). --- Result. --- Round number. --- Rule of 72. --- Sampling bias. --- School bus. --- Scientific notation. --- Square foot. --- Square yard. --- Strategic Petroleum Reserve (United States). --- Tax cut. --- Tax. --- Technology. --- Terabit. --- The Beauty Myth. --- The Colbert Report. --- The New York Times. --- The Wisdom of Crowds. --- The World's Billionaires. --- U.S. News & World Report. --- Ultra-high-definition television. --- Unemployment. --- W. E. B. Du Bois. --- Warren Buffett. --- With high probability. --- Year. --- Your Computer (British magazine). --- Zettabyte. --- Mathematics --- Mathematics in mass media --- Critical thinking --- Statistics --- Big data --- Million (The number) --- Billion (The number) --- Evaluation --- Methodology
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