This chapter reviews recent research adopting methods from statistical physics in theoretical or empirical work in economics and finance. The bulk of what has recently become known as 'econophysics' in broader circles draws its motivation from observed scaling laws in financial markets and the...

Social scientists are not computer scientists, but their skills in the field have to become better and better to cope with the growing field of social simulation and agent based modelling techniques. A way to reduce the weight of software development is to employ generalised agent development...

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...

We investigate an economic system in which one large agent—the Japan government changes the environment of numerous smaller agents—the Japan agriculture producers by indirect regulation of prices of agriculture goods. The reason for this intervention was that before the oil crisis in 1974...

Ethnocentrism is a nearly universal syndrome of attitudes and behaviors, typically including in-group favoritism. Empirical evidence suggests that a predisposition to favor in-groups can be easily triggered by even arbitrary group distinctions and that preferential cooperation within groups...

Survey data on agent expectations appear to experience inertia, remaining relatively stable for protracted periods punctuated with the occasional structural shift initiated by exogenous changes. The data is also characterised with an underlying level of volatility which varies over time. This...