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These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...
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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...
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systems. Based on the results of analyzes, this research concludes with a few policy suggestions. First, the natech complex … (after), which together form part of the vulnerability management cycle. In conclusion, complex adaptive systems approach to …
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