This paper proposes an heterogenous asset pricing model in which different classes of investors coexist and evolve, switching among strategies over time according to a fitness measure. In the presence of boundedly rational agents, with biased forecasts and trend following rules, rational or...

A key problem of construction firms’ management and economy is organization of effective participation in public tenders. The direct executor, who determines the price of the contract, may be interested in obtaining as many contracts as possible. It means that his strategic behavior in tender...

The maritime shipping industry will increasingly switch to low carbon fuels and adopt energy saving technologies (ESTs) to achieve the industry target of decarbonization. Among ESTs, deck equipment, including those based on wind propulsion technologies (WPTs), represents the largest potential...

There exists debate as to whether markets consist of heterogeneous realizations of risk averse agents, or a mix of risk averse and risk seeking agents. This study provides formal theoretical general equilibrium evidence that agents in any market are parameterized by either of global risk...

Urban Rail Transit Passenger Flow Modeling (URTPFM) is the foundation of urban rail transit (URT) planning, design, and operation. The motivation of this paper is to accurately and efficiently simulate passenger flow dynamics in URT systems. To this end, a State-dependent Multi-agent Discrete...