Agent-based simulation models allow to reproduce the structure of interactions between the members of an organization, deriving organizational decision-making from individual behavior. This article explains the philosophy of agent-based models, expounds exemplary applications to crucial issues...

The introduction into economics of the Lotka-Volterra prey-predator equations to model cyclical phenomena is commonly attributed to Richard Goodwin (1965). In this paper we show that the Italian economist Giuseppe Palomba had used these equations much earlier (1939), and describe Palomba's model...

The quality of returned products may vary greatly, depending on their previous usage. Since the remanufacturing of products in good condition is more economically rewarding for the remanufacturer – and since even for non-remanufacturable products the value that can be extracted from their...

Infrastructure networks -- in communication and transport -- are a key feature of an economy. The functionality of these networks depends on the connectivity and sizes of different components. However, these networks face a variety of threats ranging from natural disasters to intelligent attacks...

We introduce a new approach to model the market smile for inflation-linked derivatives by defining the Quadratic Gaussian Year-on-Year inflation model -- the QGY model. We directly define the model in terms of a year-on-year ratio of the inflation index on a discrete tenor structure, which,...

We study an agent-based stock market model with heterogeneous agents and friction. Our model is based on that of Foellmer-Schweizer(1993): The process of a stock price in a discrete-time framework is determined by temporary equilibria via agents' excess demand functions, and the diffusion...

The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature, requiring a new summary after the work of Dos Santos (2006) and, above all, after the publication of the main...

Over a century ago, Oliver Wendell Holmes invited scholars to look at law through the lens of probability theory: ‘The prophecies of what the courts will do in fact, and nothing more pretentious, are what I mean by the law'. But Holmes himself, and few others, have taken up this intriguing...

In the first part of the paper, the field of Agent-Based Modelling (ABM) is discussed focusing on the role of generative theories, aiming at explaining phenomena by growing them. After a brief analysis of the major strengths of the field some crucial weaknesses are analysed. In particular, the...

This paper is devoted to the study of structural dynamics. The focus is on labor-allocation-dynamics in a tree-sector-economy. However, our approach can be applied to other types of structural change (e.g. income-distribution-dynamics). In contrast to the previous literature our assumptions are...