We develop a new methodology for estimating the importance of herd behavior in financial markets. Specifically, we build a structural model of informational herding that can be estimated with financial transaction data. In the model, rational herding arises because of information-event...

We study a general class of models with social interactions that might display multiple equilibria. We propose an estimation procedure for these models and evaluate its efficiency and computational feasibility relative to different approaches taken to the curse of dimensionality implied by the...

The evacuation process of students from a classroom is investigated by both experiment and modeling. We investigate the video record of the pedestrian movement in the classroom, and find some typical characteristics of the evacuation, including variable velocity, dislocable queuing, monopolizing...

In order to simulate evacuation from a room with multiple exits, a two-dimensional basic cellular automata (CA) model is proposed based on human behavior. In this model, two factors are taken into account, viz. spatial distance and occupant density. To make the simulation more reasonable, human...

Motivated by individuals' emotional response to risk at different time horizons, we model an 'anxious' agent--one who is more risk averse with respect to imminent risks than distant risks. Such preferences describe well-documented features of 1) individual behavior, 2) equilibrium prices, and 3)...