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Behavioral and experimental macroeconomics and policy analysis : a complex systems approach

Hommes, Cars H. - 2018

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

Persistent link: https://www.econbiz.de/10011929804

Investigating peer and sorting effects within an adaptive multiplex network model

Lipari, Francesca; Stella, Massimo; Antonioni, Alberto - In: Games 10 (2019) 2/16, pp. 1-12

multiplex network who deal with coordination issues using social learning and payoff-driven dynamics. Agents form their … heterogeneous preference through learning on one layer and they play a pure coordination game on the other layer. People learn from …. We find that the presence of the social learning mechanism explains the rising and the endurance of a segregated society …

Persistent link: https://www.econbiz.de/10012062102

Chapter 13. Local Interactions

zgr, Onur - In: Handbook of social economics : volume 1, (pp. 587-644). 2011

Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are close to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular...

Persistent link: https://www.econbiz.de/10014025690

Rationalizing outcomes : interdependent learning in competitive markets

Menon, Anoop; Yao, Dennis A. - In: Strategy Science 9 (2024) 2, pp. 97-117

Persistent link: https://www.econbiz.de/10014633171

The El Farol problem revisited

Böhm, Volker - 2015

The so-called El Farol problem describes a prototypical situation of interacting agents making binary choices to participate in a non-cooperative environment or to stay by themselves and choosing an outside option. In a much cited paper Arthur (1994) argues that persistent on-converging...

Persistent link: https://www.econbiz.de/10010487597

Finding all minimal CURB sets

Klimm, Max; Weibull, Jörgen W. - 2009

Sets closed under rational behavior were introduced by Basu and Weibull (1991) as subsets of the strategy space that contain all best replies to all strategy profiles in the set. We here consider a more restrictive notion of closure under rational behavior: a subset of the strategy space is...