CONTACT: GEORGE MCCRORY
100 Old Public Library
Iowa City IA 52242
(319) 384-0012; fax (319) 384-0024
Release: Sept. 3,
Seminar series on complex adaptive systems in business
begins Sept. 10
IOWA CITY, Iowa Starting Sept.10, a seminar
series at the University of Iowa Henry B. Tippie College of Business will
take a cross -disciplinary look at how computer models based in theories of
sciences such as biology and psychology can be used to study finance, economics,
information systems and other business areas.
The series focusing on these complex adaptive systems
and their use in business begins
2:30 p.m. Sept. 10 in Room S401 of the John Pappajohn Business Building with
speakers discussing how computer programs can be used to model individual
trading in financial markets.
Filippo Menczer, a UI assistant professor of management
sciences and seminar coordinator, says traditional theory sees business activity
as rational systems modeled using mathematical formulas. An agent-based theory
would see business activity as less rational and somewhat random, best reflected
by the behavior of its individuals or components and how they adapt over time.
Agent based computer programs are written to describe the complex collective
behaviors emerging from simple individual patterns.
At the Sept. 10 seminar, Blake LeBaron, a professor
of finance in the Graduate School of International Economics and Finance at
Brandeis University will give an overview of how agent based programs can
be used to study interactions of traders and their strategies.
Paul Weller, a professor of finance in the UI Tippie
College of Business, will discuss how genetically modeled computer programs
can be used to formulate trading rules in foreign exchange markets.
"These models can be used to study complex systems
at finer scales of detail, looking at the individual decision makers rather
than just the whole. They could be used to analyze the strategies of an individual
trader, a firm or other investment group," Menczer explained. "It's a new
tool to deal with complex systems in biology, finance and even politics."
The seminar series is sponsored by the Sante Fe Institute's
1999 Fellows-At-Large program and by the National Computer Systems (NCS) Corporate
Lecture Series. The Institute is an independent center devoted to collaborative,
multidisciplinary research and education and encourages the practical applications
of its results.
The seminars, which will include several fellows from
the Institute as well as representatives from industry and academia, continue
on eight Fridays throughout the semester and are open to the UI community
and the public. Future topics include behavioral finance, data mining, neural
networks, new World Wide Web and Internet applications, and social computer
A complete seminar schedule is at http://www.biz.uiowa.edu/class/6K299_menczer.
For more information, contact Menczer at (319) 335-0884.