Politik hat vielfach zum Ziel, das Verhalten von Wirtschaftssubjekten durch eine Veränderung der Rahmenbedingungen zu steuern. Bei der Politikfolgenabschätzung müssen deshalb Voraussagen gemacht werden, wie Menschen sich an veränderte ökonomische Bedingungen anpassen. Eine wichtige...

This article surveys boundedly rational heterogeneous agent (BRHA) models of financial markets. We give particular emphasis to the role of the market clearing mechanism used, the utility function of the investors, the interaction of price and wealth dynamics, and calibration of this class of...

We develop a learning rule that generalises the well known fading memory learning in the sense that the weights attached to the available time series data are not constant and are updated in light of the forecast error(s). The underlying idea is that confidence in the available data will be low...

This chapter surveys the boundedly rational heterogeneous agent (BRHA) models of financial markets, to the development of which the authors and several co-authors have contributed in various papers. We give particular emphasis to role of the market clearing mechanism used, the utility function...

We estimate in this paper a non probabilistic Markovien model of stocks prices with an evolutionary selection of heterogeneous strategies. We chose to proceed by estimation relating on 27 companies from the CAC 40 and the composite index corresponding to these 27 companies to avoid the risk of...

We estimate in this paper a non probabilistic Markovien model of stock prices with an evolutionary selection of heterogeneous strategies. It is a model proposed by Brock and Hommes (1997, 1998) and improved later by Boswijk and al. (2007). Indeed, the latter propose one of the few estimations...

We build a model in which asset prices are expectationally driven and agents forecast future prices hinging on a combination of fundamental value, trend and inertia. The model has a unique steady state and we investigate its stability. In particular the amount of behavioural heterogeneity in the...

The present paper reviews two fundamental investing paradigms, which have had a substantial impact on the manner investors tend to develop their own strategies. specifically, the study elaborates on efficient market hypothesis (emh), which, despite remaining most prominent and popular until the...

Ziel des Beitrags ist es, die Rationalität von Stakeholdern des Agribusiness mit einem Entscheidungsexperiment zu analysieren. Dazu wurden Landwirte und Agrarhändler3 gebeten, Lotterielose zu bewerten. So konnte die Konsistenz im Risikoverhalten und die Präzision im Umgang mit Information...