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Economics: An Emerging Small World?
Goyal, Sanjeev; van der Leij, Marco; Moraga-Gonzàlez, … - 2004
, leading us to conclude that economics is an emerging small world. A crucial stable feature of the network over this period is …
Persistent link: https://www.econbiz.de/10011324960
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ACE model of endogenous interactions
Vriend, Nicolaas J. - 2005
Various approaches used in Agent-based Computational Economics (ACE) to model endogenously determined interactions between agents are discussed. This concerns models in which agents not only (learn how to) play some (market or other) game, but also (learn to) decide with whom to do that (or not).
Persistent link: https://www.econbiz.de/10010284102
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Less Rationality, More Efficiency: a Laboratory Experiment on "Lemon" Markets.
Kirstein, Annette; Kirstein, Roland - 2004
We have experimentally tested a theory of bounded rational behavior in a "lemon market". It provides an explanation for the observation that real world players successfully conclude transactions when perfect rationality predicts a market collapse. We analyzed two different market designs :...
Persistent link: https://www.econbiz.de/10010296891
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Less Rationality, More Efficiency: a Laboratory Experiment on "Lemons" Markets
Kirstein, Annette; Kirstein, Roland - 2004
In this paper we experimentally test a theory of boundedly rational behavior in a "lemons market." We analyzed two different market designs, for which perfect rationality implies complete and partial market collapse, respectively. Our empirical observations deviate substantially from these...
Persistent link: https://www.econbiz.de/10010296939
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Trust and Social Control. Sources of cooperation, performance, and stability in informal value transfer systems
Gräbner, Claudius; Elsner, Wolfram; Lascaux, Alexander - 2017
We study the functioning of informal value transfer systems (IVTS) with the example of Hawala. More precisely, we use computational experiments to study the roles of generalized trust and social control for the stability and efficiency of IVTS. Previous literature was ambiguous with regard to:...
Persistent link: https://www.econbiz.de/10011752637
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Emergence of innovation networks from R&D cooperation with endogenous absorptive capacity
Egbetokun, Abiodun A.; Savin, Ivan - 2013
and how firms perform within such networks. Our model replicates some stylised empirical results on network structure and … the contingent effects of network position on innovative performance. We find networks that exhibit small world properties …This paper extends the existing literature on strategic R&D alliances by presenting a model of innovation networks with …
Persistent link: https://www.econbiz.de/10010323898
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Dynamic R&D networks
König, Michael D. - 2013
network structure. We provide a general characterization of both equilibrium networks and endogenous production choices, and …In this paper we analyze R&D collaboration networks in industries where firms are competitors in the product market … compare it to the efficient network architecture. We also allow for firms to differ in their technological characteristics …
Persistent link: https://www.econbiz.de/10010316852
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Functional rational expectations equilibria in market games
Shorish, Jamsheed - 2006
The rational expectations equilibrium has been criticized as an equilibrium concept in market game environments. Such an equilibrium may not exist generically, or it may introduce unrealistic assumptions about an economic agent's knowledge or computational ability. We define a rational...
Persistent link: https://www.econbiz.de/10010293735
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Taking a shower in Youth Hostels: risks and delights of heterogeneity
Matzke, Christina; Challet, Damien - 2008
Tuning one's shower in some hotels may turn into a challenging coordination game with imperfect information. The temperature sensitivity increases with the number of agents, making the problem possibly unlearnable. Because there is in practice a finite number of possible tap positions, identical...
Persistent link: https://www.econbiz.de/10010264912
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Cournot or Walras? Agent based learning, rationality, and long run results in oligopoly games
Riechmann, Thomas - 2002
Recent literature shows that learning in oligopoly games might in the long run result in the Cournot or in the Walras equilibrium. Which outcome is achieved seems to depend on the underlying learning dynamics. This paper analyzes the forces behind the learning mechanisms determining the long run...
Persistent link: https://www.econbiz.de/10010317627