In this paper we discuss the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory. A simulation model containing artificial adaptive agents is used to explore the dynamics of a market of highly...

According to Alfred Korzybski (1921) humans unlike plants and animals have the property to bind time, i.e. they are able to transfer experience through time. Humans are capable to collenct knowledge from the past and communicate their knowledge to the future. This paper investigates the...

In this paper we extend earlier work on the economics of shallow lakes by M\"aler, Xepapadeas and de Zeeuw (2003) to the case where two communities have incommensurable preferences about lake eutrophication. In the case of incommensurable preferences interest group behavior arises, we therefore...

This paper documents our efforts in replicating Epstein’s (1998) demographic prisoner’s dilemma model. While, qualitatively speaking, our replicated model resembles the results of the original model reasonably well, statistical testing reveals that in quantitative terms our endeavor was only...

This paper aspires to fill a conspicuous gap in the existing literature on learning in games, namely the absence of any empirical verification of learning rules involving pattern recognition. An extension of weighted fictitious play is proposed both obeying cognitive laws of subjective...

This paper studies the contribution of demand, costs, and strategic factors to the adoption of hub-and-spoke networks in the US airline industry. Our results are based on the estimation of a dynamic oligopoly game of network competition that incorporates three groups of factors that may explain...

This document describes program code for the solution and estimation of dynamic discrete games of incomplete information using the Nested Pseudo Likelihood (NPL) method in Aguirregabiria and Mira (2007). The code is illustrated using a dynamic game of store location by retail chains, and actual...

This is an introductory work to trade automatization of the futures market, so far operated by human traders. We are not focusing on maximizing individual profits of any trader as done in many studies, but rather we try to build a stable electronic trading system allowing to obtain a fair price,...

We study one-shot play in the set of all bimatrix games by a large population of agents. The agents never see the same game twice, but they can learn `across games' by developing solution concepts that tell them how to play new games. Each agent's individual solution concept is represented by a...

This paper begins with a detailed computational introduction to a classic ACE model: an evolutionary prisoner's dilemma. The paper presents a simple but fully coded object oriented implementation of this model. (We use the Python programming language, which is shown to be a natural ally for ACE...