The purpose of this research is to search for the best (highest performing) risk profile of agents who successively choose among risky prospects. An agent’s risk profile is his attitude to perceived risk, which can vary from risk preferring to risk neutral (an expected-value decision maker) to...

Following the Winner’s Curse and the Optimizer’s Curse, this paper introduces the Satisficer’s Curse. The Winner’s Curse requires competition between agents in an auction for, usually, a common-value item; the Optimizer’s Curse is a systematic overvaluation when the decision maker is...

A constructive computational framework for trust and reputation assessments is presented. It is proven free from any inconsistent or contradictory assessments under any scenarios of its application. A prototype implementation has been developed. The framework focuses on a single...

This paper provides a framework for discussing the validity of computer simulation models of market phenomena. It defines functional complexity and derives measures of this for a well known agent-based simulation model and suggests methods to overcome the obstacle of complexity in validating...

A previous study, which examined oligopolists as responding simply to past prices of their strategic rivals, used data from a mature market with stable rules of thumb (mappings from past actions or states of the market to present prices) for the oligopolists' behaviour, whether purposefully...

Competition among brands that sell through a supermarket chain is a repeated moderated oligopoly, where the retailer moderates brand competition by choosing the store promotions that consumers see each week. The interactions between consumers, retailers and brand managers are complex, with each...

A constructive computational framework for trust and reputation assessments is presented. It is proven free from any inconsistent or contradictory assessments under any scenarios of its application. A prototype implementation has been developed. The framework focuses on a single...

This paper provides a framework for discussing the validity of computer simulation models of market phenomena. It defines functional complexity and derives measures of this for a well known agent-based simulation model and suggests methods to overcome the obstacle of complexity in validating...