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Lecture Series on "Financial Markets as Complex Adaptive Systems"


By invitation of Professor Dr. Michael Roos from Ruhr Universität Bochum (RUB), Professor Sheri Markose from University of Essex gave a lecture series on "Financial Markets as Complex Adaptive Systems". Professor Markose delivered four lectures over May 21 and May 22, 2010 at RUB to interested PhD students and staff from RUB, Technische Universität Dortmund, RWI and RGS Econ.

She introduced agent based computational economic (ACE) modeling as an alternative to conventional approaches in economic analysis. Professor Markose presented the foundations of a complex adaptive system in which novelty and surprises are produced which challenges the received norms in game theory where innovation is not feasible. She showed that neglecting innovation can lead to failures of macro-econometric models for policy design and how ACE modeling can help in this context. In addition, Professor Markose provided hands-on experience to the participants during computer lab sessions: ACE stock market models with herding and guru effects as well as models of financial networks to understand and analyze financial contagion were explained and provided to the participants.

Professor Sheri Markose is the Founder Director since 2003 of the Centre for Computational Finance and Economic Agents (CCFEA) where she has pioneered postgraduate research and teaching in agent-based computational economics.

For further information, please contact: Professor Dr. Michael Roos (Ruhr Universität Bochum), Tel. +49 (0) 234 32 28868.