The construction project is subject to several risks, one of the most important of which is contractor default because contractor default may increase the final project cost considerably. In the US construction industry, owners commonly shield themselves from the risk of contractor default by...

In this paper, an agent-based computational capital asset pricing model is applied to address an issue, known as the elasticity puzzle, originating from a famous reciprocal relation between the elasticity of intertemporal substitution (EIS) and the relative risk aversion (RRA) coefficient. By...

The conditioning of strategies by market environment and the simultaneous emergence of market structure in the presence of evolving trading strategies are investigated with major international stock indexes. Models for price forecasting and trading strategies evolution are examined under...

This paper proposes an algorithm to obtain maximum likelihood estimates of structural parameters in discrete games with multiple equilibria. The method combines a genetic algorithm (GA) with a pseudo maximum likelihood (PML) procedure. The GA searches efficiently over the huge space of possible...

This paper proposes an algorithm to obtain maximum likelihood estimates of structural parameters in discrete games with multiple equilibria. The method combines a genetic algorithm (GA) with a pseudo maximum likelihood (PML) procedure. The GA searches efficiently over the huge space of possible...