We apply Multi-Agent Deep Reinforcement Learning (MADRL) to inventory management problems with multiple echelons and evaluate MADRL's performance to minimize the overall costs of a supply chain. We also examine whether the upfront-only information-sharing mechanism used in MADRL helps alleviate...

Many centralized college admissions markets allocate seats to students based on their performance on a standardized exam. A single exam's measurement error can cause the exam-based priorities to deviate from colleges' aptitude-based preferences. Previous literature proposes correcting such an...

How to ascertain causal relationships has been a key question in science and philosophy for centuries. Based on established ideas on causation, we develop a quantitative measure of an agent's causal responsibility for the state of a dynamical system: we measure the degree to which an agent's...

How do regions enter new and distant technological fields? Who is triggering this process? This work addresses these compelling research questions by investigating the role of migrant inventors in the process of technological diversification. Immigrant inventors can indeed act as carriers of...

Operations Management endeavors to identify polices that improve real-world operating systems. However, these systems often consist of actors that do not behave fully rationally and to improve performance managers must predict how such boundedly-rational actors will behave. Approaches to this...

Agent-based computational economics (ACE) has been attracting attention in recent years. This method, however, is challenging because of the complexity of the model’s structure due to the coexistence of systems for decision-making and those involved in financial transactions. Further, ACE...

The heterogeneous agent model (HAM) is a powerful tool to study the stock price dynamics and stylized anomalies in financial markets. However, existing HAMs often focus on the one-asset scenario which makes them hard to apply for the empirical studies of asset pricing and portfolio selection. In...

This paper presents a complex, modular, 1:1 scale model of the Hungarian residential housing market. All of the 4 million households with their relevant characteristics and all of the flats with detailed attributes like size, state and neighbourhood quality are represented, based on empirical...

This paper considers a multi-agent optimal investment problem with conservative sentiments in an incomplete market by a BSDE approach. Particularly, we formulate the conservative sentiments of the agents by a sup-inf/inf-sup problem where we take infimum on a choice of a probability measure and...

The mechanism underlying banks’ interest rate setting behaviour is an important element in the study of economic systems with important policy implications associated with the potential of monetary and -recently- macroprudential policies to affect the real economy. In the agent-based modelling...