What model features and calibration strategies yield a large average marginal propensity to consume (MPC) in heterogeneous agent models? Through a systematic investigation of models with different preferences, dimensions of ex-ante heterogeneity, income processes and asset structure, we show...

This paper presents the economic and philosophical findings from an agent-based simulation extending and generalizing Hotelling’s Law. The simulation can be used to study spatial competition and product differentiation in a one- or two-dimensional space and illustrates the effects of relaxing...

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...

As there are many stock exchanges in the United States, investors can choose the exchange that suits their purpose and trade shares there. On the other hand, competition among stock exchanges to secure market participants is intensifying. Furthermore, some new exchanges are attempting to open in...

On the capital market, as a result of company-specific news, price movements of stock corporations can be observed independent of overall market developments, which suggest the occurrence of a sudden risk event. In recent years, numerous concepts from statistical physics have been transferred to...

Behavioral Finance has become a challenge to the scientific community. Based on the assumption that behavioral aspects of investors may explain some features of the Stock Market, we propose an agent-based model to study quantitatively this relationship. In order to approximate the simulated...

Blockchain systems allow for securely keeping shared records of transactions in a decentralized way. This is enabled by consensus mechanisms. Proof-of-work is the most prominent consensus mechanism but has major shortcomings. In this paper, we focus on proof-of-stake, its best-known alternative....