Long-range dependence in volatility is one of the most prominent examples of applications in financial market research involving universal power laws. Its characterization has recently spurred attempts at theoretical explanation of the underlying mechanism. This paper contributes to this recent...

In a series of papers, Schelling presented a microeconomic model of neighbourhood segregation that he called a "spatial proximity model". The model specifies a spatial setup in which the individual agents care only about the composition of their own local neighbourhood. Agents belong to two...

A well known problem in economics is to describe properly a situation where N agents are repeatedly competing to use the same limited resource. A version of this problem is known in the literature as the El Farol game: week after week N agents face the decision whether to go or not to go to a...