Social institutions often change through the interaction loop between micro level consisting of individuals' behavior and cognition and macro level as social consequence of such behavior. As the feedback is mediated by social institutions in the middle of these two levels, we think that the social institutions lie at a “meso-level” .This three level feedback relation is called “micro-meso-macro...
Analysis of Institutional Evolution in Circuit Breakers Using the Concepts of Replicator and Interactor
Shigeto Kobayashi and Takashi Hashimoto
Evolutionary and Institutional Economics Review 7(1) 101-112 2010 [Refereed]
Securing ample liquidity in a market is indispensable for the market mechanism to work efficiently. While there is a discussion that random agents have the effect to ensure the liquidity, the mechanism of this effect has not been clarified. We show that, using an artificial market system U-Mart, the random agents can enhance the market liquidity by maintaining the balance of supply and demand. ...
