Addressing issues of social diversity, we introduce a model of housing transactions between agents who are heterogeneous in their willingness to pay. A key assumption is that agents' preferences for a location depend on both an intrinsic attractiveness and on the social characteristics of the...

The empirical analysis of fish markets always reveals strong price dispersion for homogeneous or very similar goods. The problem is how to explain this price dispersion on a market where there is no evident arbitrage. Explanations proposed by different authors include differences in...

Starting from some regularities of the Boulogne s/mer fish market, the model proposed here shows that in many circumstances the collective behavior may be ‘reasonable’ whereas the individuals may not be so. The properties which are empirically clear at the aggregate level are not necessarily...

The question of efficiency of market organization is an important one in economics. When theoretical results suggest the dominance of auctions, empirical studies present more mitigated results putting forward that the global efficiency depends on agents' characteristics and market environment....

Background: Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual...

Background: Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual...