Rationality is a complex behavioral theory that can be parsed into statements about preferences, perceptions, and process. This paper looks at the evidence on rationality that is provided by behavioral experiments, and argues that most cognitive anomalies operate through errors in perception...

An important puzzle in the study of complex systems is the conditions under which the aggregation of information from interacting agents results in a stable or an unstable collective outcome. We present a general framework for thinking about the stability and instability of collective outcomes...

Many of the applications of game theory have been to economics where the individuals under study are assumed to be maximizing profits or Òutility'' or some other conventional economic goal of Òstatus.'' Loosely stated we think of status as one's position in a society compared with others,...

In Part I we provide a heuristic discussion of the motivation for the investigation of games of status. Here we confine our remarks to several alternative formulations of games of status and to exploring the relationship between these games and the class of simple games, in part using the...

We use game theory and the Santa Fe Artificial Stock Market, an agent-based model of an evolving stock market, to study the properties of strategic Nash equilibria in financial markets. We discover two things: there is a unique strategic equilibrium in the market, and this equilibrium in...