The Internet and Social Media change our way of decision-making. We are no longer the independent decision makers we used to be. Instead, we have become networked minds, social decision-makers, more than ever before. This has several fundamental implications. First of all, our economic theories...

A stochastic model for behavioral changes by imitative pair interactions of individuals is developed. 'Microscopic' assumptions on the specific form of the imitative processes lead to a stochastic version of the game dynamical equations. That means, the approximate mean value equations of these...

Many real-world mechanisms are “noisy” or “fuzzy”, that is the institutions in place to implement them operate with non-negligible degrees of imprecision and error. This observation raises the more general question of whether mechanisms that work in theory are also robust to more...