When is it better to use agent-based (AB) models, and when should differential equation (DE) models be used? Whereas DE models assume homogeneity and perfect mixing within compartments, AB models can capture heterogeneity across individuals and in the network of interactions among them. AB...

Evolutionary spatial 2×2 games between heterogeneous agents are analyzed using different variants of cellular automata (CA). Agents play repeatedly against their nearest neighbors 2×2 games specified by a rescaled payoff matrix with two parameters. Each agent is governed by a binary Markovian...

Evolutionary spatial 2×2 games between unconditional agents are analysed introducing several variants of cellular automata (CA).

Vulnerability is registered not by exposure to hazards alone; it also resides in the resilience of the system experiencing the hazard. Resilience (the capacity of a system to absorb recurrent disturbances, such as natural disasters, so as to retain essential structures, processes and feedbacks)...

This article employs Agent-Based Computational Economics (ACE) to investigate whether, and under what conditions, trust is viable in markets. The emergence and breakdown of trust is modeled in a context of multiple buyers and suppliers. Agents develop trust in a partner as a function of observed...

Purpose – The purpose of this article is to present an alternative theory to why publicly‐traded physician practice management companies in the US were popular and successful for a limited number of years and then essentially self‐destructed. Design/methodology/approach – The short...

In this paper, we extended Minority Game (MG) by equipping agents with both value and trend strategies. In the new model, agents (we call them strong-adaptation agents) can autonomically select to act as trend trader or value trader when they game and learn in system. So the new model not only...

This chapter 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...