We develop a simple nonlinear stock market model in which speculators switch between technical and fundamental trading rules depending on market conditions. Additionally, we assume that agents are unaware of the true current fundamental value and, thus, use a weighted average of the current...

We conduct a laboratory experiment to compare the fairness and intensity of round-robin tournaments with three symmetric players, a single prize, and two alternative match formats. Matches are either organized as lottery contests or all-pay auctions. Whereas we confirm the theoretical prediction...

Consumers increasingly care about the environmental quality of the goods they consume. However, limited attention impairs consumers' ability to compare and evaluate the environmental quality of goods. I show that investments in environmental quality, consumer surplus, producer surplus, and...

Power laws are pervasive in economics and social sciences, particularly in the upper tails of distributions such as wealth, income, firm size, and city populations. Their scale-free property makes them a universal framework to understand phenomena spanning several orders of magnitude. This...

This paper investigates how social network and conformity dynamics shape the stability of inflation expectations and the dissemination of economic narratives. Using an agent-based macroeconomic simulation, I integrate a heuristic switching framework with an opinion dynamics mechanism to examine...

Consumers increasingly care about the environmental quality of the goods they consume. However, limited attention impairs consumers' ability to compare and evaluate the environmental quality of goods. I show that investments in environmental quality, consumer surplus, producer surplus, and...

This paper investigates how social network and conformity dynamics shape the stability of inflation expectations and the dissemination of economic narratives. Using an agent-based macroeconomic simulation, I integrate a heuristic switching framework with an opinion dynamics mechanism to examine...

Power laws are pervasive in economics and social sciences, particularly in the upper tails of distributions such as wealth, income, firm size, and city populations. Their scale-free property makes them a universal framework to understand phenomena spanning several orders of magnitude. This...

We develop a simple nonlinear stock market model in which speculators switch between technical and fundamental trading rules depending on market conditions. Additionally, we assume that agents are unaware of the true current fundamental value and, thus, use a weighted average of the current...

We conduct a laboratory experiment to compare the fairness and intensity of round-robin tournaments with three symmetric players, a single prize, and two alternative match formats. Matches are either organized as lottery contests or all-pay auctions. Whereas we confirm the theoretical prediction...