Download or read book Essays on Strategic Behavior of Heterogeneous Agents written by Alejandro A. Montecinos Pearce and published by . This book was released on 2014 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Uncovering Economic Behavior in Heterogeneous Institutional Environments written by Jose Gabriel Castillo Garcia and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The three essays in this thesis foster the identification of unexpected influences of different institutional arrangements on economic outcomes. The first two essays, experimental in nature, analyze the impact of two different contexts within Public Goods Games (PGG) environments. The first essay documents exact replications of four classic experiments in PGG and cast unexpected results in contribution behavior. First, it shows how the attenuation effect in replication studies, well documented in other disciplines, is also pervasive in experimental economics. Not all previous findings replicate, and effects found in successful replications are much smaller. Second, it shows that experimental context matters; experimental subjects in Texas tend to contribute more and free ride less, across different experiments. The second essay analyzes whether democratic institutions have any impact on agency problems where group members face a centralized arrangement of sanctioning power. It offers novel evidence, although a weak effect, of the intrinsic incentives for pro-social behavior attached to legitimacy in democratic institutions to promote collective action and higher economic efficiency. Finally, the last essay offers an empirical alternative to unravel heterogeneous unobserved traits on credit market customers. Through the use of mixture density estimation methods and rich administrative data, it identifies different quality-types of clients for credit demand and default decisions. Credit customers differ in their individual preferences, as well as levels of foresight, strategic behavior; all unobserved by the principal (lender). Accounting for these unobserved traits improves the forecast of potential clients' behavior and offers alternatives for different contracts and risk-pricing strategies to reduce credit rationing. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/155533
Download or read book Interaction and Market Structure written by Domenico Delli Gatti and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
Download or read book Three Essays in Macroeconomics with Heterogeneous Agents written by Ying Tung Chan and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This thesis extends the macroeconomic theory with heterogeneous agents by taking account of heterogeneous households' interaction among themselves, in the form of comparing their consumptions or incomes, and by allowing heterogeneous firms to interact in a strategic fashion. In Chapter 2, I study how behavioral hypotheses such as the concern for status (relative consumption) and inequality aversion can lead to useful predictions about the evolution of wealth distribution and asset accumulation. Households are heterogeneous in terms of initial endowments and idiosyncratic shocks to their labor productivity. I propose a generalized concept of consumption externalities which include as special cases the concern for relative consumption, and preferences that display inequality aversion. In Chapter 3, I focus on interactions among heterogeneous firms in an oligopolistic framework. I assume that that the products offered by these firms are not perfect substitutes. More important, the degree of substitutability may vary across products within the industry. I offer a general formulation of industry structure such that monopoly, oligopoly, and monopolistic competition can be obtained as special cases. In Chapter 4, we study how preferences that display ambiguity aversion play a role in the job search process and affects the equilibrium rates of unemployment and vacancy. Ambiguity refers to the lack of information about probability distributions. The traditional job search model assumes that there are random matches between job seekers and firms (or vacancies), and the random draws have objective probability distributions that are known to both sides of the markets. We modify this model and assume that economic agents are uncertain about the underlying probability distributions. This chapter contributes to our understanding of how ambiguity aversion affects the unemployment rate and aggregate productivity." --
Download or read book Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems written by Cars Hommes and published by Cambridge University Press. This book was released on 2013-01-24 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recognising that the economy is a complex system with boundedly rational interacting agents, the book presents a theory of behavioral rationality and heterogeneous expectations in complex economic systems and confronts the nonlinear dynamic models with empirical stylized facts and laboratory experiments. The complexity modeling paradigm has been strongly advocated since the late 1980s by some economists and by multidisciplinary scientists from various fields, such as physics, computer science and biology. More recently the complexity view has also drawn the attention of policy makers, who are faced with complex phenomena, irregular fluctuations and sudden, unpredictable market transitions. The complexity tools - bifurcations, chaos, multiple equilibria - discussed in this book will help students, researchers and policy makers to build more realistic behavioral models with heterogeneous expectations to describe financial market movements and macro-economic fluctuations, in order to better manage crises in a complex global economy.
Download or read book Computational Economics Heterogeneous Agent Modeling written by Cars Hommes and published by Elsevier. This book was released on 2018-06-27 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Computational Economics: Heterogeneous Agent Modeling, Volume Four, focuses on heterogeneous agent models, emphasizing recent advances in macroeconomics (including DSGE), finance, empirical validation and experiments, networks and related applications. Capturing the advances made since the publication of Volume Two (Tesfatsion & Judd, 2006), it provides high-level literature with sections devoted to Macroeconomics, Finance, Empirical Validation and Experiments, Networks, and other applications, including Innovation Diffusion in Heterogeneous Populations, Market Design and Electricity Markets, and a final section on Perspectives on Heterogeneity. - Helps readers fully understand the dynamic properties of realistically rendered economic systems - Emphasizes detailed specifications of structural conditions, institutional arrangements and behavioral dispositions - Provides broad assessments that can lead researchers to recognize new synergies and opportunities
Download or read book Heterogenous Agents Interactions and Economic Performance written by Robin Cowan and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: In traditional economics models of perfect competition agent's interactions are all mediated through the market. Interactions are anonymous, global and indirect. This is a powerful model, but we see many instances in which one, and sometimes all, of the previous characteristics fail to hold true. The type of agent you are, or your identity, can affect the type of interaction we have, and most surely the relationship between micro-behaviour and macro-phenomena in non-trivial ways. This book contains a selection of papers presented at the 6th Workshop on Economics with Heterogenous Interacting Agents (WEHIA). The contributions show that work done in other fields like evolutionary biology, statistical mechanics, social network theory and others help us to understand the way in which economic systems operate. Virtually all of the papers presented in this volume draw on some aspect or other of these varied approaches to related problems.
Download or read book Essays on Conflict Economics written by Friedhelm Thomas Hentschel and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation analyzes in four essays various issues of political conflicts, especially secessionist and proxy conflicts. In all four essays, I apply appropriate game theoretic models in order to analyze the strategic interactions of the conflicting parties. In the first essay, I investigate the occurrence of unravelling secessions. I analyze the conditions which lead to an unravelling process of secessions. My model shows that an initial secession increases the probability of consecutive conflicts. In the second essay, I investigate the role of a third party in ethnically motivated secessions when the secessionist group's objective is to merge with the third party. I analyze the conditions for third-party intervention and analyze how the participating player's behavior depends on heterogeneity costs, tax rate, sanctions, and fighting abilities. My model shows that a third party will only intervene if the secessionist region has a disadvantage in fighting and if the third party's potential gain from annexation is sufficiently high. In the third essay, I investigate the strategic behavior in proxy contests. I analyze the third parties' willingness to provide support for their respective allies. My model shows that conflict costs are irrelevant for the players' behavior if they receive support. In the last essay, my co-authors and I investigate conflicts with symmetric and asymmetric payoff structures. We analyze the participating agents' conflict behavior and compare their behavior in conflicts with symmetric and asymmetric payoff structures. Our model shows that conflicts with an asymmetric payoff structure are fought less intensively.
Download or read book Collected Papers written by Robert J. Aumann and published by MIT Press. This book was released on 2000 with total page 806 pages. Available in PDF, EPUB and Kindle. Book excerpt: Robert Aumann's career in game theory has spanned over research - from his doctoral dissertation in 1956 to papers as recent as January 1995. Threaded through all of Aumann's work (symbolized in his thesis on knots) is the study of relationships between different ideas, between different phenomena, and between ideas and phenomena. When you look closely at one scientific idea, writes Aumann, you find it hitched to all others. It is these hitches that I have tried to study.
Download or read book Journal of Economic Literature written by and published by . This book was released on 2014 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press, USA. This book was released on 2019-12-16 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This sixth volume of The Foundations of Behavioral Economic Analysis covers behavioral models of learning. It is an essential guide for advanced undergraduate and postgraduate students seeking a concise and focused text on this important subject, and examines evolutionary game theory, models of learning, and stochastic social dynamics. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioral economics.
Download or read book Economics with Heterogeneous Interacting Agents written by Alan Kirman and published by Springer Science & Business Media. This book was released on 2001-06-01 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses situations in which individual agents, who might be different from each other, interact and produce behaviour on the aggregate level which does not correspond to that of the average actor. This leads to aggregate outcomes which would be impossible to explain in a more standard approach. Aggregation generates structure and, as a result, interaction and heterogeneity can be handled and we no longer have to rely on the over-simplified reduction of the behaviour of the economy to that of a "rational" individual.
Download or read book An Optimal Test for Strategic Interaction in Social and Economic Network Formation Between Heterogeneous Agents written by Andrin Pelican and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Consider a setting where N players, partitioned into K observable types, form a directed network. Agents' preferences over the form of the network consist of an arbitrary network benefit function (e.g., agents may have preferences over their network centrality) and a private component which is additively separable in own links. This latter component allows for unobserved heterogeneity in the costs of sending and receiving links across agents (respectively out- and in- degree heterogeneity) as well as homophily/heterophily across the K types of agents. In contrast, the network benefit function allows agents' preferences over links to vary with the presence or absence of links elsewhere in the network (and hence with the link formation behavior of their peers). In the null model which excludes the network benefit function, links form in-dependently across dyads in the manner described by Charbonneau (2017). Under the alternative there is interdependence across linking decisions (i.e., strategic interaction). We show how to test the null with power optimized in specific directions. These alternative directions include many common models of strategic network formation (e.g., "connections" models, "structural hole" models etc.). Our random utility specification induces an exponential family structure under the null which we exploit to construct a similar test which exactly controls size (despite the the null being a composite one with many nuisance parameters). We further show how to construct locally best tests for specific alternatives without making any assumptions about equilibrium selection. To make our tests feasible we introduce a new MCMC algorithm for simulating the null distributions of our test statistics.
Download or read book Intelligent Information and Database Systems written by Ngoc-Thanh Nguyen and published by Springer. This book was released on 2014-02-28 with total page 651 pages. Available in PDF, EPUB and Kindle. Book excerpt: The two-volume set LNAI 8397 and LNAI 8398 constitutes the refereed proceedings of the 6th Asian Conference on Intelligent Information and Database Systems, ACIIDS 2014, held in Bangkok, Thailand in April 2014. The 125 revised papers presented were carefully reviewed and selected from 300 submissions. Suggestion: The aim of the conference is to provide an internationally respected forum for scientific research in the technologies and applications of intelligent information and database systems. The papers are organized in topical sections on Natural Language and Text Processing, Intelligent Information Retrieval, Semantic Web, Social Networks and Recommendation Systems, Intelligent Database Systems, Decision Support Systems, Computer Vision Techniques, Machine Learning and Data Mining, Multiple Model Approach to Machine Learning, MMAML 2014, Computational Intelligence, CI 2014, Engineering Knowledge and Semantic Systems , IWEKSS 2014, Innovations in Intelligent Computation and Applications, IICA 2014, Modelling and Optimization Techniques in Information Systems, Database Systems and Industrial Systems, MOT 2014, Innovation via Collective Intelligences and Globalization in Business Management, ICIGBM 2014, Intelligent Supply Chains, ISC 2014, and Human Motion: Acquisition, Processing, Analysis, Synthesis and Visualization for Massive Datasets, HMMD 2014.
Download or read book Contests written by Carmen Beviá and published by Cambridge University Press. This book was released on 2024-05-31 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new way to understand economic problems that complement the traditional views and expand subjects that social scientists should consider.
Download or read book Agent Mediated Electronic Commerce Automated Negotiation and Strategy Design for Electronic Markets written by Maria Fasli and published by Springer. This book was released on 2007-06-06 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed post-proceedings of the joint International Workshops on Trading Agent Design and Analysis, TADA 2006, and on Agent Mediated Electronic Commerce, AMEC VIII 2006, held in Hakodate, Japan. The papers address a mix of both theoretical and practical issues in trading agent design and technologies, theoretical and empirical evaluation of strategies in complex trading scenarios as well as mechanism design.
Download or read book Handbook of Computational Economics written by Leigh Tesfatsion and published by Elsevier. This book was released on 2006-05-15 with total page 905 pages. Available in PDF, EPUB and Kindle. Book excerpt: The explosive growth in computational power over the past several decades offers new tools and opportunities for economists. This handbook volume surveys recent research on Agent-based Computational Economics (ACE), the computational study of economic processes modeled as dynamic systems of interacting agents. Empirical referents for "agents" in ACE models can range from individuals or social groups with learning capabilities to physical world features with no cognitive function. Topics covered include: learning; empirical validation; network economics; social dynamics; financial markets; innovation and technological change; organizations; market design; automated markets and trading agents; political economy; social-ecological systems; computational laboratory development; and general methodological issues.*Every volume contains contributions from leading researchers*Each Handbook presents an accurate, self-contained survey of a particular topic *The series provides comprehensive and accessible surveys
