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...

The prohibition against Australians using illicit drugs is ineffective, but still imposes a high burden on government revenues and indirectly contributes (because of its ineffectiveness) to additional costs paid by Australian households. These are the claims of those who argue for a change in...

China in the Global Economy focuses on the theme of twin transitions occurring in the Chinese economy: the transition from a centrally planned economic system to a market oriented one, and from an agrarian to a modern industrialised society. China's exporters face unprecedented competition in...

This paper is an attempt to determine the extent to which Australian tertiary sector organisations stand to gain from improved weather forecasts. An upper limit to this amount must be the sum of the maximum savings afforded by weather forecasts sufficiently accurate (“almost†perfect)...