Agent-based models have recently become very popular. However, it is often difficult to communicate the models' complexity and assumptions. Hence, criticising them becomes a challenging task. This paper addresses this problem and discusses different ways to increase the transparency and...

Post-Cold War military conflicts have highlighted the need for a flexible, agile joint force responsive to emerging crises around the globe. The 2005 Joint Capabilities Integration and Development System (JCIDS) acquisition policy document mandates a shift away from stove-piped threat-based...

Since the end of the 1960s, price limits has been employed by many futures markets and stock markets around the world. In the literature, the effectiveness of price limits is still under debate. The main purpose of price limit is to reduce price volatility. The rationale for supporting price...

The stock market crash in 1929 has raised many discussions about the causes and the ways to prevent the financial markets from large fluctuations. The role of the margin loan has usually been regarded as the source of instability in financial markets. The view that low margin infused excessive...

Smith and Sørenson (2002) depart from Bikhchandani, Hirshleifer and Welsh’s (1999) herding framework in three ways; non-discrete signals, noise and multiple rational agent types. They refer to the standard model of a single type with no noise as a “herding†model, and differentiate...

Physicists have recently begun doing research in finance, and even though this movement is less than five years old, interesting and useful contributions have already emerged. This article reviews these developments in four areas, including empirical statistical properties of prices,...