We elucidated the dynamics of ongoing collective action among intentional agents with diverse beliefs and imperfect information. Their decisions on whether or not to contribute to the collective good depend not only on the past but also on their expectations as to how their actions will affect...

Recent developments in the global liberalization of equity and currency markets, coupled to advances in trading technologies, are making markets increasingly interdependent. This increased fluidity raises questions about the stability of the international financial system. In this paper, we show...

We present a two-level model of organizational training and agent production. Managers decide whether or not to train based on both the costs of training compared to the benefits and on their expectations and observations of the number of other firms that also train. Managers also take into...

We present a dynamical theory ofasset price bubbles that exhibits the appearance of bubbles and their subsequent crashes. We show that when speculative trends dominate over fundamental beliefs, bubbles form, leading to the growth of asset prices away from their fundamental value. This growth...