Ant Colony Optimization is a relatively new meta-heuristic that has proven its quality and versatility on various combinatorial optimization problems such as the traveling salesman problem, the vehicle routing problem and the job shop scheduling problem.(...)

A consequence of the Hahn-Banach theorem is the classical bipolar theorem which states that the bipolar of a subset of a locally convex vector pace equals its closed convex hull.(...)

We modify the concept of consistent expectations equilibria introduced in Hommes and Sorger (1998) in two ways: (i) the consistency condition requires that the probability that the agents reject their perceived law of motion in any period does not exceed a given level and (ii) there may exist...

The Fundamental Theorem of Asset Pricing states - roughly speaking - that the absence of arbitrage possibilities for a stochastic process S is equivalent to the existence of an equivalent martingale measure for S. It turns out that it is quite hard to give precise and sharp versions of this...

In this paper we propose an unsupervised voting-merging scheme that is capable of clustering data sets, and also of finding the number of clusters existing in them. The voting part of the algorithm allows us to combine several runs of clustering algorithms resulting in a common partition.(...)

Managing the information flow within a big organization is a challenging task. Moreover, in a distributed decision-making process conflicting objectives occur. In this paper, artificial adaptive agents are used to analyze this problem.(...)

This paper discusses the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory.

This paper discusses the formation of organizational knowledge of boundedly rational Economic agents and studies the necessity of hierarchical coordination of economic agents. We consider a firm that consists of a management and N subordinated shops....

This paper proves that the limiting hedging error, considered as a function of ST, exhibits a removable discontinuity at the exercise price.

This article investigates the impacts of asymmetric information within a Lucas (1978) asset pricing economy. Asymmetry enters via the assumption that one group of agents is equipped with superior information about the dividend process.(...)