InterSymp. Special Focus Symposium on Catallactics: Quantitative Modelling of Human Market Interactions


Type Congress Organisation

Duration July 30, 2003 - July 31, 2008

http://ifm.wu-wien.ac.at/Download/Symposium/CatallacticsSymposium.pdf
  • Finance and Financial Markets AE (Former organization)

Tags

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  • Loistl, Otto (Details) Project Head
  • Veverka, Alexander (Former researcher)
  • Zwick, Harald (Former researcher)
 

Abstract (German)

Die Betrachtungsweise der Ökonomen, Marktphänomene als Ergebnis von Gleichgewichtsprozessen zu sehen, verschiebt sich zu Gunsten der Katallaktik, der Wissenschaft des Austausches. Die Bedeutung einer Modellierung menschlichen Handelns auf Märkten führt auf die Österreichische Schule zurück, wobei Ökonomen wie Mises und Hayek eine zufrieden stellende Erklärung von Marktprozessen im Rahmen einer Gleichgewichtstheorie in Frage stellten.
Buchanan fordert vor dem Hintergrund einer nicht ausreichenden Abdeckung dieser Problematik in der Spieltheorie eine „formale Mathematik menschlicher Interaktion auf Märkten“ (Buchanan, J.M. (2001): Game theory, mathematics, and economics, Journal of Economic Methodology 8, pp. 27-32).
Diese Fachtagung stellt ein internationales Forum zum Austausch von Ideen hinsichtlich quantitativer Modelle dar, um die komplexe Realität des Austausches auf Märkten auf Ebene der von menschlichen Interaktionen beherrschten Mikrostruktur zu begreifen.


Abstract (English)

Today economists’ attention shifts away from any explanation of market phenomena as if they were solely equilibrium phenomena towards an understanding of economics as catallactics, the ‘science of exchanges. Rooted in the conviction that an equilibrium framework fails to offer a satisfying description of real market processes, Austrian School economists like Mises and Hayek have already stressed the fundamental property of human interaction on markets. As Buchanan convincingly shows in a generally positive appraisal, even game theory fails to meet this requirement. He therefore calls for the development of a “formal mathematics of human interaction” (Buchanan, J.M. (2001): Game theory, mathematics, and economics, Journal of Economic Methodology 8, pp. 27-32.).
This Special Focus Symposium is an international forum for exploring the values of and exchanging ideas on quantitative models and numerical techniques to comprehend the complex realities of human interaction on markets as well as their application to all topic areas of market performance on the micro-level governed by human interaction.

Partners

Publications

Contribution to conference proceedings

2004 Loistl, O./Veverka, A.. 2004. Entropy and the Capital Market's Efficiency. 16th International Conference on Systems Research, Informatics and Cybernetics, Baden-Baden, Germany, July (Details)

Paper presented at an academic conference or symposium

2004 Loistl, O., Veverka, A.. 2004. Entropy and the Capital Market's Efficiency. 16th International Conference on Systems Research, Informatics and Cybernetics, Baden-Baden, Germany, July (Details)

Classification

Expertise

  • conditional logit model
  • order book
  • market microstructure
  • catallactics
  • transaction costs