This paper analyses the decision-making processes of heterogeneous agents, when both individual preferences and group actions are taken into account. Under the assumptions of certain topologies of interactions and assuming cognitive and informational restrictions, an agent-based model is...

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...

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...

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...

This chapter 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...

With behavioral experiments and protocol analysis, researchers can capture cognition in action. Using behavioral experiments, they can study realized behavior, not perception or self-reports. And they can do that in a controlled laboratory environment to establish causality, curbing spurious...

This research note provides clear, unambiguous rationalization for the normative that applications of utility functions to modeling of expectations are non-robust, are, in relation to best practice, out of whack. With this inference in tow, all formal theoretical studies that apply utility...

The agent-based approach views an organization as a collection of agents, interacting with one another in their pursuit of assigned tasks. The performance of an organization in this framework is determined by the formal and informal structures of interactions among agents, which define the lines...

We study consumption behaviour in systems with heterogeneous interacting agents. Two different models are introduced, respectively with long and short range interactions among agents. At any time step an agent decides whether or not to consume a good, doing so if this provides positive utility....

Necessarily, new technical change is facilitated by the development of new technical proficiencies. Whenever the claim to `new technical change' is robust, the accompanying `new technical proficiencies' facilitate an `outcome', in respect of which `old technical proficiencies' are intractable....