The emissions trading scheme (ETS) has become a flagship climatic initiative for regulating greenhouse gas (GHG) emissions. Under an ETS, the emitting firm must simultaneously deal with changing carbon prices and the number of permits and the trade-off between permit trading (if one should buy,...

We conduct a Monte Carlo experiment using an ad-hoc New Keynesian model and a tractable agent-based model to generate artificial credit cycle episodes. We show that fluctuations in the implicit measures of the natural rate of interest obtained using a conventional trivariate Kalman filter on...

The ambiguity of the empirical results on the relationship between copyright and creativity calls for a better theoretical understanding of the issue, possibly enlarging the analysis to other factors such as technology and copyright enforcement. This paper addresses these complex policy issues...

We use an agent-based stock-flow consistent model of a closed economy without technological change that considers different classes of households, status consumption and a Minskyan banking sector to analyze the relationship between rising saving rates, the accumulation and distribution of...

Purpose: This paper aims to explore drivers of the effectiveness of risk assessments in risk workshops. Design/methodology/approach: This study uses an agent-based model to simulate risk assessments in risk workshops. Combining the notions of transactive memory and the ideal speech situation,...

We present first results from a new agent-based model (ABM) of a sports-betting exchange (such as those operated by BetFair, BetDaq, and SMarkets, among other companies) in which each agent holds a dynamically-varying opinion about some uncertain future event (such as which competitor will win a...

In present-day major financial markets around the world, adaptive automated trading systems are responsible for many more transactions than are human traders, and human traders have largely been replaced by trading machines that can process super-human quantities of data and react to market...

Critiques of Neoclassical Economics extend, unsurprisingly, to its mathematical structure. The discussion has largely focused on General Equilibrium Theory (GET), a formalism developed by Léon Walras over a century ago. Internally consistent, but highly unrealistic, GET lacks predictive power,...