This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...

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...

Purpose – Diffusion of a new technology and its required infrastructure is a complex process involving various adaptive decision makers interacting with each other, and this is extremely true in diffusion of alternative fuel vehicles. The purpose of this paper is to explore the dynamics of...

Designed to facilitate economic development, the corporate form now threatens human survival. This article presents an argument that organisations are yet to be ‘fit for purpose’ and that the corporate form needs to be re-designed to reach sustainability. It suggests that organisations need...

This paper models the learning process of populations of randomly rematched tabula rasa neural network (NN) agents playing randomly generated 2×2 normal form games of all strategic classes. This approach has greater external validity than the existing models in the literature, each of which is...

The building of innovation capabilities in industrial firms has received a great deal of attention in the last three decades; however, innovation capabilities within agriculture has barely been explored. This study contributes to this under-researched area by presenting a novel conceptual...

"This paper provides an example of a practical integration of probabilistic policy analysis and multi-stakeholder decision methods at a hydroelectric facility in British Columbia, Canada. A structured decision-making framework utilizing the probabilistic judgments of experts, a decision tree,...

In this paper we study a local version of the Minority Game where agents are placed on the nodes of a directed graph. Agents care about beingin the minority of the group of agents they are currently linked to and employ myopic best-reply rules to choose their next-period state. We show that, in...