important economic problem - the adjustment of nominal prices after an anticipated money shock. Our experiments show that when … attribute less rationality to the other players …

We develop a multi-agent framework based on probabilistic cellular automata theory to describe off-equilibrium dynamics … behavior in terms of sluggish adjustment after a fully anticipated money shock, can be reproduced and largely explained by the … on the other players rationality is addressed within our multi-agent framework. We find that, if costs/payoffs act as …