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This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...
Persistent link: https://www.econbiz.de/10011343261
This paper formalizes the idea that more hedging instruments may destabilize markets when traders are heterogeneous and adapt their behavior according to experience based reinforcement learning. We investigate three different economic settings, a simple mean-variance asset pricing model, a...
Persistent link: https://www.econbiz.de/10011349702
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A well known and established model in communication policy in sociology and marketing is that of opinion leadership …. Opinion leaders are actors in a society who are able to affect the behavior of other members called followers. Hence, opinion … effect of different opinion leader-follower structures in markets or other collective decision-making situations in a society …
Persistent link: https://www.econbiz.de/10011378325
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A well-known model in sociology and marketing is that of opinion leadership. Opinion leaders are actors who are able to … affect the behavior of their followers. Hence, opinion leaders have some power over their followers, and they can exercise … this power by influencing their followers choice of action. We study a two-action model for a society with opinion leaders …
Persistent link: https://www.econbiz.de/10011386185
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Outcomes of the shallow lake interest conflict are presented in a number of different contexts: quasi-static and dynamic social planning, and quasi-static one-shot and repeated non-cooperative play. As the underlying dynamics are non-convex, the analysis uses geometrical-numerical methods: the...
Persistent link: https://www.econbiz.de/10011378127
This article presents a bifurcation theory of smooth stochastic dynamical systems that are governed by everywhere … of the system. By introducing a weak equivalence notion of these dependence ratios, we arrive at a bifurcation theory for … which in the compact case, the set of stable (non-bifurcating) systems is open and dense. The theory is illustrated with …
Persistent link: https://www.econbiz.de/10011349208