Evolutionary arguments are an appropriate approach to the analysis of industry dynamics in a knowledge-based economy, because they can deal properly with innovation processes, technological change, path-dependence and knowledge. But in order to formalise all of this verbal accounting,...

We present a model of the dynamics of the industry for innovation and R&D management. It is a novel view of the evolution of industry, both in theoretical and computational terms. Industries are seen as organisations of firms and consumers, and the aggregated behaviour is the consequence of the...

Human-subject market experiments have established in a wide variety of environments that the Continuous Double Auction (CDA) guarantees the maximum efficiency (100 percent) and the transaction prices converge quickly to the competitive equilibrium price. Since in human-subject experiments we can...

The objectives of this paper are to define and classify different types of errors and artefacts that can appear in the process of developing an agent-based model, and to propose activities aimed at avoiding them during the model construction and testing phases. To do this in a structured way, we...