The Santa Fe Artificial Stock Market [13, 4] is an agent-based artificial model in which agents continually explore and develop expectational models, buy and sell assets based on the predictions of those models that perform best, and confirm or discard these models based on their performance...

In financial markets an excess of buying tends to drive prices up, and an excess of selling tends to drive them down. This is called market impact. Based on a simplified model for market making, it is possible to derive a unique functional form for market impact. This can be used to formulate a...

Replicator dynamics and computer simulation techniques are used to construct a reduced form model which explores negative and positive feedback processes between firm costs and market shares embodied in the dynamics of (dis)economies of scale. After reproducing the standard equilibrium results...

1. Introduction <p> In this paper we interlink a dynamic programming, a game theory and a behavioral simulation approach to the same problem of economic exchange. We argue that the success of mathematical economics and game theory in the study of the stationary state of a population of...</p>

In this paper we study a simple learning paradigm for iterated normal form games in an evolutionary context. Following the decision theoretic concept of satisficing we design players with a certain aspiration level. If their payoff is below this level, they change their current action, otherwise...

In this paper, we construct a general model of diverse problem solvers of limited abilities. We use this model to derive two main results: (1) a collection of diverse, bounded problem solvers can locate optimal solutions to difficult problems and (2) a collection of problem solvers of diverse...

This paper summarizes some of the problems associated with the generation of higher order emergent structures in formal dynamical systems as well as some of the formal properties of dynamical systems capable of generating higher order structures.

In biological systems higher order hyperstructures seem to occur both in an intuitive and a formal sense. Starting at a molecular level of description we have: molecules, polymers, supramolecular structures, organelles, cells, tissues, organs, etc. but in models and simulations of these systems...

Biogenesis and Evolution are viewed from the perspective of the universality of the metabolic chart with respect to primary metabolism and the phylogenetic specificity of secondary metabolism. This analysis is developed within the context of the evolution of the universal ancestor through...

Simulation models are becoming increasingly common in the analysis of critical scientific, policy, and management issues. Such models provide a way to analyze complex systems characterized by both large parameter spaces and nonlinear interactions. Unfortunately, these same characteristics make...