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the confrontation (e.g. labour negotiations in sectors of public interest, where a strike would impact on the public at … large). Once this is recognised, models addressing negotiations in such situations ought to account for the role and … interests of the stakeholder - a third party whose stake is linked to the original negotiations. In this paper we address the …
Persistent link: https://www.econbiz.de/10005407596
We study the emergence and coexistence of monetary and credit transactions in a model where exchange is decentralized. Agents belong to different villages which are informationally separated. The frequency of meetings between any two different villages decreases as their respective geographic...
Persistent link: https://www.econbiz.de/10005076754
Agent-based computational economics (ACE) is the computational study of economies modelled as evolving decentralized systems of autonomous interacting agents. A key focus of ACE research is understanding how global regularities arise from the bottom up, through the repeated local interactions of...
Persistent link: https://www.econbiz.de/10005076912
Artificial life (alife) is the bottom-up study of basic phenomena commonly associated with living agents, such as self- replication, evolution, adaptation, self-organization, exploitation, competition, cooperation, and social network formation. Alife complements the traditional biological and...
Persistent link: https://www.econbiz.de/10005076914
Agent-based computational economics (ACE)is the computational study of economies modelled as evolving systems of autonomous interacting agents. This short paper is a brief guide to recent ACE research. For more information, visit the ACE Web site at http://www.econ.iastate.edu/tesfatsi/ace.htm....
Persistent link: https://www.econbiz.de/10005076919
I study equilibrium selection by an evolutionary process in an environment with multiple equilibria, one of which involves a banking panic. The analysis is built on a repeated version of the Diamod-Dybvig (1983) model. The optimal (run free) equilibrium is uniquely selected if it is also "risk...
Persistent link: https://www.econbiz.de/10005076968
Laboratory subjects repeatedly played one of two variations of a simple two-person zero-sum game of ``hide and seek.'' Three puzzling departures from the prescriptions of equilibrium theory are found in the data: an asymmetry related to the player's role in the game; an asymmetry across the game...
Persistent link: https://www.econbiz.de/10005125561
We conduct experiments in which humans repeatedly play one of two games against a computer decision maker that follows either Roth and Erev's reinforcement learning algorithm or Camerer and Ho's EWA algorithm. The human/algorithm interaction provides results that can't be obtained from the...
Persistent link: https://www.econbiz.de/10005125600
A revolution in economics. Is it possible? Is its concept a transition from ideal to real economics? The way to the transition may be a new aspect of uncertainty. Problems, which can be solved, research fields, which can be augmented or created, and fields of applications in practical economy...
Persistent link: https://www.econbiz.de/10005126070
This statement outlines the objectives and policies of the new journal, Macroeconomic Dynamics, which is dedicated to the advancement of macroeconomics as a science. This Editorial is to appear at the front of the first issue of that journal and is copyright by Cambridge University Press.
Persistent link: https://www.econbiz.de/10005126416