Emergent phenomena in a foreign exchange market (poster): analysis based on an artificial market approach

In this study we propose an artificial market approach, which is a new agent-based approach to foreign exchange market studies. Using this approach, emergent phenomena of markets were explained. This approach consists of fieldwork, construction of a multi-agent model, and computer simulation of a market. The simulation results show that the emergent phenomena can be explained by a phase transition of forecast variety. This approach therefore integrates fieldwork and a multi-agent model, and provides a quantitative explanation of micro-macro relations in markets.