The dynamics of individual characteristics of economic agents is modeled with the link structure influenced by this dynamics: links between agents with similar characteristics are more stable than those between agents with vastly different characteristics. A simple scaling law describes the...

A model of new-product diffusion is proposed in which a site-percolation dynamics represents socially driven diffusion of knowledge about the product's characteristics in a population of consumers. A consumer buys the new product if her valuation of it—formed after her witnessing the product...

We propose a stochastic model of interactive formation of individual expectations regarding the business climate in an industry. Our model is motivated by a business climate survey conducted since 1960 in Germany by the Ifo-institute (www.ifo.de). In accordance with the data structure of this...

We investigated in the laboratory whether gender differences in decisions made under uncertainty without information on decisions of equally informed others are robust to the availability of that information. Participants specified in each of at most 60 periods four capital volumes making up the...