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The Emergence of Markets and Artificial Market Experiments

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Part of the Evolutionary Economics and Social Complexity Science book series (EESCS,volume 28)

Abstract

Modern financial markets are extremely sophisticated markets that make full use of advanced technology, but historically, markets are as old as the emergence of human society. For many years, the author lectured on the emergence of markets and then conducted artificial market experiments using the U-Mart system designed based on the Tokyo Stock Exchange. The U-Mart system has various advantages, such as allowing students to learn experientially, and it can be used flexibly according to the educational situation. This chapter reports on a series of educational experiments.

Keywords

  • The emergence of the market
  • Artificial market experiments
  • The U-Mart system
  • The educational use
  • Educational experiments

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Notes

  1. 1.

    Hayek (1973, p. 82).

  2. 2.

    Hayek (1988, Chapter 2).

  3. 3.

    Hayek (1973, pp. 29–31).

  4. 4.

    Hayek (1960, Chapter 1).

  5. 5.

    Hayek (1960, p. 11, Chapter 1).

  6. 6.

    Hayek (1988, p. 33).

  7. 7.

    Hayek (1976, p. 31).

  8. 8.

    Hayek (1976, p. 35).

  9. 9.

    Hayek (1988, p. 34).

  10. 10.

    Hayek (1976, p. 15).

  11. 11.

    Hayek (1976, p. 43).

  12. 12.

    Hayek (1973, p. 82).

  13. 13.

    Hayek (1988, Chapter 3).

  14. 14.

    Shiozawa et al. (2019, Chapter 7).

  15. 15.

    See Taniguchi (2019) for the difference between trading and arbitrage.

  16. 16.

    Added by the author.

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Taniguchi, K. (2022). The Emergence of Markets and Artificial Market Experiments. In: Aruka, Y. (eds) Digital Designs for Money, Markets, and Social Dilemmas. Evolutionary Economics and Social Complexity Science, vol 28. Springer, Singapore. https://doi.org/10.1007/978-981-19-0937-5_9

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  • DOI: https://doi.org/10.1007/978-981-19-0937-5_9

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