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政大典藏 > College of Social Science > Department of Economics > Books & Chapters in Books > Item 140.119/64744

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/64744

Title:	Agent-Based Modeling of the Prediction Markets for Political Elections
Authors:	陳樹衡 Yu, Tongkui;Chen, Shu-Heng
Contributors:	經濟系
Keywords:	Prediction market;Agent-based simulation;Information aggregation mechanism;Prediction accuracy;Zero-intelligence agents;Favorite-longshot bias
Date:	2012
Issue Date:	2014-03-20 16:24:07 (UTC+8)
Abstract:	We propose a simple agent-based model of the political election prediction market which reflects the intrinsic feature of the prediction market as an information aggregation mechanism. Each agent has a vote, and all agents’ votes determine the election result. Some of the agents participate in the prediction market. Agents form their beliefs by observing their neighbors’ voting disposition, and trade with these beliefs by following some forms of the zero-intelligence strategy. In this model, the mean price of the market is used as a forecast of the election result. We study the effect of the radius of agents’ neighborhood and the geographical distribution of information on the prediction accuracy. In addition, we also identify one of the mechanisms which can replicate the favorite-longshot bias, a stylized fact in the prediction market. This model can then provide a framework for further analysis on the prediction market when market participants have more sophisticated trading behavior.
Relation:	Multi-Agent-Based Simulation XII Lecture Notes in Computer Science Volume 7124, 2012, pp 31-43
Data Type:	book/chapter
Appears in Collections:	[Department of Economics] Books & Chapters in Books

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