Biographical note: EpsteinJoshua M.: Joshua M. Epstein is a Senior Fellow in Economic Studies at the Brookings Institution, a founding member of the Brookings-Johns Hopkins Center on Social and Economic Dynamics, and a member of the External Faculty of the Santa Fe Institute. He is the coauthor...

The present paper outlines a theoretical model of agent-based learning. An agent ‘anchors’ his subjective expectations (or forecasts) to another agent’s subjective expectations. The former believes the latter has a better information set and, therefore, able to make better subjective...

BSV (Barberis, Shleifer and Vishny [Journal of Financial Economics 49 (1998) 307–343]) model is one of the three major behavioral finance models. The existing BSV model is about how behavioral investors form beliefs, and is able to produce both overreaction and mean-reversion for a wide range...

Fuel cell vehicles (FCVs) running on hydrogen do not cause local air pollution. Depending on the energy sources used to produce the hydrogen they may also reduce greenhouse gases in the long-term. Besides problems related to the necessary investments into hydrogen infrastructure, there is a...

An important barrier towards the introduction of fuel cell vehicles (FCVs) running on hydrogen is the lack of widespread refueling infrastructure. The niche of buses for public transport, taxis and deliverers with a local application area might not be large enough to generate the reductions of...

We present an agent-based model of a multi-tier energy market including gas shippers, electricity generators and retailers. We show how reward interdependence between strategic business units within a vertically integrated firm can increase its profits in oligopolistic energy markets. The...

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...