An important challenge of the financial theory in recent years is to construct more sophisticated models which have consistencies with as many financial stylized facts that cannot be explained by traditional models. Recently, psychological studies on decision making under uncertainty which...

Firm dynamics on a transaction network is considered from the standpoint of econophysics, agent-based simulations, and game theory. In this model, interacting firms rationally invest in a production facility to maximize net present value. We estimate parameters used in the model through...

Based on the classic behavioural theory “the Theory of Planned Behaviour”, we develop an agent-based model to simulate the diffusion of smart metering technology in the electricity market. We simulate the emergent adoption of smart metering technology under different management strategies...

In this paper the compelling issue of efficiency of electricity markets has been studied by means of an artificial power exchange based on the agent-based approach. In particular, two common market-clearing rules, i.e., discriminatory and uniform, have been compared with respect to efficiency...

In this paper the evolution of bargaining behavior is studied under the assumption that individuals might choose between obstinate and responsive strategies. Following Ellingson (1997) it is assumed that obstinate agents commit to a certain demand, whereas responsive agents adapt optimally to...

An agent-based model is a virtual world comprising distributed heterogeneous agents who interact over time. In a spatial agent-based model the agents are situated in a spatial environment and are typically assumed to be able to move in various ways across this environment. Some kinds of social...

In online interactions in general, but especially in interactions between buyers and sellers on internet-auction platforms, the interacting parties must deal with trust and cooperation problems. Whether a rating system is able to foster trust and cooperation through reputation and without an...

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...