The thoughts and behaviors of financial market participants depend upon adopted cultural traits, including information signals, beliefs, strategies, and folk economic models. Financial traits compete to survive in the human population, and are modified in the process of being transmitted from...

We consider an OLG model (of a socialization process) where continuous traits are transmitted from an adult generation to the children. A weighted social network describes how children are influenced not only by their parents but also by other role models within the society. Parents can invest...

We highlight that convergence in repeated averaging models commonly used to study cultural traits or opinion dynamics is not equivalent to convergence in Markov chain settings if transition matrices are time-varying. We then establish a new proof for the convergence of cultural traits in the...

We study a model of transmission of continuous cultural traits across generations where children learn their cultural trait from their parents and their social environment modeled by a network. Parents can engage in the socialization process of their children by biasing links in the network in...