U-Mart: 20-Year Experience of an Artificial Market Study

  • Hajime KitaEmail author
Part of the Agent-Based Social Systems book series (ABSS, volume 12)


The U-Mart is a collaborative study in artificial markets by economists and computer scientists. Since its start in 1998, the study has continued for 20 years. Design and development of an artificial market system also named U-Mart is the central activity in this study. From the beginning, it aimed to provide the artificial market a testbed for studies in financial markets and considered to model actual mechanism of real markets. With its hybrid design of agent-based simulation and gaming simulation, it is effectively used for education as well as research. This paper shows the experience of 20-year study of the artificial market and discusses its future.



The U-Mart is a collaborative study for long years, and the author expresses his sincere gratitude to Dr. Yoshinori Shiozawa, Dr. Takao Terano, Dr. Hiroshi Deguchi, and Dr. Hiroshi Sato as cofounders of the study and Dr. Isao Ono, Dr. Naoki Mori, Dr. Yoshihiro Nakajima, Dr. Yusuke Koyama, Dr. Hiroyuki Matsui, Dr. Kazuhisa Taniguchi, and Dr. Yuji Aruka who contributed to this study as core members. The author also thanks to all the researchers and students who contributed to the U-Mart.


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© Springer Nature Singapore Pte Ltd. 2018

Authors and Affiliations

  1. 1.Institute for Liberal Arts and SciencesKyoto UniversityKyotoJapan

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