Showing 1 - 10 of 2,408
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
Persistent link: https://www.econbiz.de/10003850880
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
The concept of resilience has received a great deal of attention in the past decades. Starting fromthe first fundamental definitions offered by Holling, Pimms and Perrings in an economic-ecologicalmodeling context, the present paper explores the ‘evolution’ of the resilience concept – as...
Persistent link: https://www.econbiz.de/10011318583
Persistent link: https://www.econbiz.de/10002902530
Persistent link: https://www.econbiz.de/10002902552
Persistent link: https://www.econbiz.de/10001616977
A symmetric network consists of a set of positions and a set of bilateral links between these positions. Examples of … symmetric network we define a cooperative transferable utility game that measures the power of each coalition of positions in … the network. Applying the Shapley value to this game yields a network power measure, the beta-measure, which reflects the …
Persistent link: https://www.econbiz.de/10011343952