The empirical analysis of fish markets always reveals strong price dispersion for homogeneous or very similar goods. The problem is how to explain this price dispersion on a market where there is no evident arbitrage. Explanations proposed by different authors include differences in...

[eng] Champagne is a product whose quality is difficult to evaluate, even a posteriori, by the consumer. Firms exploit this particularity and invest in reputation either by producing a wine of high quality or by means of public recognition through advertising. Thus, it is optimal for a producer...

[fre] L'organisme de capital-risque qui a investi dans une jeune entreprise innovante a deux modes de sortie : l'introduction en bourse (marché IPO) et le rachat par une grande firme (M&A). Le marché financier concentre l'attention des professionnels qui ont vu en lui un Eldorado. Sa...

We apply a physical-based model to describe the clothes fashion market. Every time a new outlet appears on the market, it can invade the market under certain specific conditions. Hence, the “old” outlet can be completely dominated and disappears. Each creator competes for a finite population...

This paper aims to shed light on the emergence of systemic risk in credit systems. By developing an interbank market with heterogeneous financial institutions granting loans on different network structures, we investigate what market architecture is more resilient to liquidity shocks and how the...

In this paper we introduce a calibration procedure suitable for the validation of agent based models. Starting from the well-known financial model of Brock and Hommes 1998, we show how an appro- priate calibration technique makes the model able to describe price time series.The calibration...

In this paper we introduce a calibration procedure for validating of agent based models. Starting from the well-known financial model of Brock and Hommes 1998, we show how an appropriate calibration enables the model to describe price time series. We formulate the calibration problem as a...