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Consensus and Equilibria in the Presence of Self-Interest and Conformity in Social Groups
Brida, Juan Gabriel - 2017
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...
Persistent link: https://www.econbiz.de/10012955387
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Cooperation, Stability and Self-Enforcement in International Environmental Agreements: A Conceptual Discussion
Tulkens, Henry; Chander, Parkash - 2006
of view of stability. After recalling the two competing concepts of stability in use in the IEA literature, new insights …. Free riding is also evaluated in relation with the alternative forms of stability under scrutiny. Finally, it is asked … efficiency and stability. A skeptical answer is offered, as a reply to Barrett's (2003) attempt at giving the notion a specific …
Persistent link: https://www.econbiz.de/10010312597
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Heterogeneous Agent Models: Two Simple Case Studies
Hommes, Cars - 2005
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...
Persistent link: https://www.econbiz.de/10010325164
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Heterogeneous Agent Models in Economics and Finance
Hommes, Cars H. - 2005
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...
Persistent link: https://www.econbiz.de/10010325401
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Heterogeneous agent models in economics and finance
Hommes, Cars H. - 2005
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...
Persistent link: https://www.econbiz.de/10011343261
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Chapter 23 Heterogeneous Agent Models in Economics and Finance
Hommes, Cars H. - In: Handbook of computational economics : volume 2, …, (pp. 1109-1186). 2006
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...
Persistent link: https://www.econbiz.de/10014024382
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To Grasp Cognition in Action, Combine Behavioral Experiments with Protocol Analysis
Reypens, Charlotte - 2018
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...
Persistent link: https://www.econbiz.de/10012930817
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Applications of Utility Functions to Modeling of Expectations Are Non-Robust, Are ‘Out of Whack’
Obrimah, Oghenovo A. - 2019
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...
Persistent link: https://www.econbiz.de/10012867750
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Chapter 26 Agent-Based Models of Organizations
Chang, Myong-Hun; Harrington, Joseph E. - In: Handbook of computational economics : volume 2, …, (pp. 1273-1337). 2006
structure? (4) How do the characteristics of the environment—including its stability, complexity, and competitiveness …
Persistent link: https://www.econbiz.de/10014024379
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Patterns of Consumption in Socio-Economic Models with Heterogeneous Interacting Agents
Iori, Giulia; Koulovassilopoulos, Vassilis - 1999
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....
Persistent link: https://www.econbiz.de/10014183361