This short chapter reviews the application of patent incentives to inventions made by AI machines. It discusses two policy goals of patents in this space, namely acceleration of innovation with the help of AI but also the need to continue human progress. It reviews decisions by several courts,...

Problem definition: We study the procurement decisions of a trade agent: The agent chooses a bid (unit price to pay) to procure the goods available from seller(s). If the agent wins the bid, the supply is used to meet the buyer’s demand. Methodology/results: The trade agent’s single-period,...

How robust are socioeconomic agent-based models with respect to the details of the agents' decision rule? We tackle this question by considering an occupation model in the spirit of the Sakoda-Schelling model, historically introduced to shed light on segregation dynamics among human groups. For...

We reconsider de Marti and Zenou (2017) model of friendship network formation where individuals belong to two different communities and costs of forming links depend on community memberships. Many inefficient friendship networks such as segregation can arise when all individuals are myopic. Once...

In this work, we ask whether tradable emissions permits, based on the cap-and-trade principle,provide better climate change and economic projections than alternative regulations for GHG emissions, such as operational permits which are commonly used to mitigate non-GHG emissions (prevention first...

In this paper, we propose a new procedure for unconditional and conditional forecasting in agent-based models. The proposed algorithm is based on the application of amortized neural networks and consists of two steps. The first step simulates artificial datasets from the model. In the second...

Multiple factors influence college selection and admission behaviors. Most researchers focused on the academic and socioeconomic factors; the academic factors are high school GPA, SAT, admission tests, etc. On the other hand, the socioeconomic factors could be family income and first-generation...

We propose a distributed randomized policy iteration algorithm for infinite horizon dynamic programming problems for which the control at each stage is m-dimensional. The traditional policy iteration algorithm involves performing a minimization over an m-dimensional constraint set and has a...

This study constructs an agent-based model suitable for analyzing the propagation of economic shocks based on a macroeconomic agent-based model structure that covers major economic entities. Instead of setting an upstream and downstream structure of firms in the inter-firm networks, our model...