This article is concerned with the global behavior of agents in the El Farol bar problem. In particular, we discuss global attendance in terms of its mean and variance, and show that there is a strong dependence of both on the externally imposed comfort level. We present a possible...

In this paper, co-evolution is used to examine the long-term evolution of business models in an industry. Two types of co-evolution are used: synchronous, whereby the entire population of business models is replaced with a new population at each generation, and asynchronous, whereby only one...

Supply security and environmental concerns associated with oil call for an introduction of hydrogen as a transport fuel. To date, scenario studies of infrastructure build up and sales of fuel cell vehicles (FCVs) are driven by cost estimates and technological feasibility assumptions, indicating...

Since the end of the 1960s, price limits has been employed by many futures markets and stock markets around the world. In the literature, the effectiveness of price limits is still under debate. The main purpose of price limit is to reduce price volatility. The rationale for supporting price...

The stock market crash in 1929 has raised many discussions about the causes and the ways to prevent the financial markets from large fluctuations. The role of the margin loan has usually been regarded as the source of instability in financial markets. The view that low margin infused excessive...

Smith and Sørenson (2002) depart from Bikhchandani, Hirshleifer and Welsh’s (1999) herding framework in three ways; non-discrete signals, noise and multiple rational agent types. They refer to the standard model of a single type with no noise as a “herding†model, and differentiate...

In this paper, we report on the main building blocks of an ongoing project to develop a computational agent-based simulator for a generic real-time large-value interbank payment system with a central processor that can implement different rules for payment settlement. The main types of payment...

This paper examines causes of banking crises. In particular, we try to explain why banks expand credits rapidly before the crises. We also seek for appropriate recapitalization policy to cope with a systemic banking crisis. To serve these purposes, we construct an agent-based simulation model...

Since the introduction of Reinforcement Learning (RL) in Game Theory, a growing literature is concerned with the theoretical convergence of RL-driven outcomes towards Nash equilibrium. In this paper, we apply this issue to a search-theoretic framework (posted-price market) where sellers are...