Purpose – The purpose of this paper is to examine the implications of overconfidence for information acquisition and market efficiency. Design/methodology/approach – The paper studies a model of a competitive market with both overconfident and rational traders endogenously acquiring costly...

Purpose–The purpose of this paper is to examine the implications of asymmetric information for price evolution and investor behavior under a rational expectations framework. Design/methodology/approach–The author presents a simple asymmetric information-based asset-pricing model to show that...

We present an exact solution of the q-state Potts model on a class of generalized Sierpinski fractal lattices. The model is shown to possess an ordered phase at low temperatures and a continuous transition to the high temperature disordered phase at any q ≥ 1. Multicriticality is observed in...

The emergence of explosive synchronization transitions in networks of phase oscillators has become recently one of the most interesting topics. We simulate the Kuramoto model on top of a family of weighted static scale-free networks. It is found that when the strength of the network’s edge is...

In this paper, we propose a generalized deactivation model to characterize weighted networks. By introducing the special aging mechanism, the model can produce power-law distributions of degree, strength, and weight, as confirmed in many real networks. We also characterize the clustering and...

In this paper, we study numerically the prisoner’s dilemma game (PDG) and snowdrift game (SG) on a two-dimensional square lattice with both quenched and annealed bond dilution. For quenched bond dilution, the system undergoes a dynamical transition at the critical occupation probability q∗,...

We systematically study the temporal behavior of evolutionary dynamics in finite dimensional population based on evolutionary graph theory. Besides the spread of mutants, we also consider the spread of the impact of the initial mutant seed. The time-dependent behavior of these two spreading...