Simulating Securities Markets Operations: Some Examples, Observations, and Comments

Richard R. West

Journal of Financial and Quantitative Analysis, 1970, vol. 5, issue 1, 115-137

Abstract: This paper discusses the use of simulation as a means of studying the operations of securities markets. To place simulation's role in the proper context, Section I begins with a review of public policy, research, and teaching considerations that have combined in recent years to create a growing need to improve our understanding of the operations of these markets. Following this is a brief discussion of the limitations of traditional price theory models to meet this need. Section II demonstrates the significant, yet largely untapped, potential of simulation in this regard.

Date: 1970
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