Economic agents are not always rational or farsighted and can make decisions according to simple behavioral rules that vary according to situation and can be studied using the tools of evolutionary game theory. Furthermore, such behavioral rules are themselves subject to evolutionary forces....

Agency may be exercised by different entities (e.g., individuals, firms, households). A given individual can form part of multiple agents (e.g., he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of...

The wisdom of the crowd applied to financial markets asserts that prices represent a consensus belief that is more accurate than individual beliefs. However, a market selection argument implies that prices eventually reflect only the beliefs of the most accurate agent. In this paper, we show how...

The Wisdom of the Crowd applied to financial markets asserts that prices represent a consensus belief that is more accurate than individual beliefs. However, a market selection argument implies that prices eventually reflect only the beliefs of the most accurate agent. In this paper, we show how...

The spread of a novel behavior due to individual agency, as represented by a potential function, is compared to the spread of novel behavior due to the collective agency of those with strategic complementarities. An autonomous set of players is one which might be reasonably expected to adopt the...

Agency may be exercised by different entities (e.g. individuals, firms, households). A given individual can form part of multiple agents (e.g. he may belong to a firm and a household). The set of agents that act in a given situation might not be common knowledge. We adapt the standard model of...