We study the informational efficiency of a market with a single traded asset. The price initially differs from the fundamental value, about which the agents have noisy private information (which is, on average, correct). A fraction of traders revise their price expectations in each period. The...

How can minority cultures resist assimilation into a global monolith in an increasingly "small world"? Paradoxically, Axel rod found that local convergence can actually preserve global diversity if cultural influence is combined with homophily, the principle that "likes attract." However,...

The Peter principle has recently been investigated by means of an agent-based simulation, and its validity has been numerically corroborated. It has been confirmed that, within certain conditions, it can really influence in a negative way the efficiency of a pyramidal organization adopting...

This article presents an agent-based modelof Prato, an Italian textile district where thousands ofsma1l firms specialise into tiny phases of the whole production process. It is an empirical model atscale 1: 1 that reconstructs the information flows between economic actors and connects them...

This article presents an agent-based modelof Prato, an Italian textile district where thousands ofsma1l firms specialise into tiny phases of the whole production process. It is an empirical model atscale 1: 1 that reconstructs the information flows between economic actors and connects them...

This article presents an agent-based modelof Prato, an Italian textile district where thousands ofsma1l firms specialise into tiny phases of the whole production process. It is an empirical model atscale 1: 1 that reconstructs the information flows between economic actors and connects them...