When modelling the aggregate behavior of a population over long periods of time the standard approach is to consider the system as always being in equilibrium -- using averaging procedures based upon assumptions of rationality, utility-maximization and a high degree of independence amongst the...

We show that for a certain class of dynamics at the nodes the response of a network of any topology to arbitrary inputs is defined in a simple way by its response to a monotone input. The nodes may have either a discrete or continuous set of states and there is no limit on the complexity of the...

We investigate a simple macroeconomic model where rational inflation expectations is replaced by a boundedly rational, sticky, response to changes in the actual inflation rate. Our expectations rule differs from standard sticky models and incorporates truly 'stuck' behavior as opposed to delayed...

We continue an investigation into a class of agent-based market models that are motivated by a psychologically-plausible form of bounded rationality. Some of the agents in an otherwise efficient hypothetical market are endowed with differing tolerances to the tension caused by being in the...

Quasi-equilibrium models for aggregate variables are widely-used throughout finance and economics. The validity of such models depends crucially upon assuming that the systems' participants behave both independently and in a Markovian fashion. We present a simplified market model to demonstrate...

In both finance and economics, quantitative models are usually studied as isolated mathematical objects --- most often defined by very strong simplifying assumptions concerning rationality, efficiency and the existence of disequilibrium adjustment mechanisms. This raises the important question...