The public goods game (PGG) is generally considered as a suitable paradigm to explain ubiquitous cooperative behavior. In this study, we investigated the evolutionary PGG on scale-free networks and studied the effect of individual heterogeneity by setting the cooperator x an investment value...

In this paper, we bring an unequal payoff allocation mechanism into evolutionary public goods game on scale-free networks and focus on the cooperative behavior of the system. The unequal mechanism can be tuned by one parameter α: if α0, the hub nodes can use its degree advantage to collect...

Human players in our laboratory experiment received flow payoffs over 120 seconds each period from a standard Hawk-Dove bimatrix game played in continuous time. Play converged closely to the symmetric mixed Nash equilibrium under a one-population matching protocol. When the same players were...

We state conditions for existence and uniqueness of equilibria in evolutionary models with an infinity of locally and globally interacting agents. Agents face repeated discrete choice problems. Their utility depends on the actions of some designated neighbors and the average choice throughout...

Standard economic models based on rational expectations and homogeneity have problems explaining the complex and volatile nature of financial markets. Recently, boundedly rational and heterogeneous agent models have been developed and simulated returns are found to exhibit various stylized...

These notes review two simple heterogeneous agent models in economics and finance. The first is a cobweb model with rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists versus technical traders introduced in Brock and...

In this paper, we present an evolutionary model of industry dynamics yielding endogenous business cycles with 'Keynesian' features. The model describes an economy composed of firms and consumers/workers. Firms belong to two industries. The first one performs R&D and produces heterogeneous...

We develop a partial equilibrium model in which firms can locate in two separate regions. A firm's decision where to locate in a given period depends on the regions' relative profitability. If firms react strongly to the regions' relative profitability, their market switching behavior generates...

The issue of transportation is of primary importance in our societies. A large share of green-house gases is generated by the transport sector, and road casualties are one am ong the most common causes of death. In the present work, we study commuter choice between alternative transport modes...

This paper represents the first attempt to bridge the evolutionary theory in economics and the theory of active particles in mathematics. It seeks to present a kinetic model for an evolutionary formalization of socio-economic systems. The derived new mathematical formulation intends to formalize...