In a co-evolutionary context, the survive probability of individual elements of a system depends on their relation with their neighbors. The natural selection process depends on the whole population, which is determined by local events between individuals. Particular characteristics assigned to...

Minority game is a model of heterogeneous players who think inductively. In this game, each player chooses one out of two alternatives every turn and those who end up in the minority side wins. It is instructive to extend the minority game by allowing players to choose one out of many...

In this paper, we investigate the wealth distribution with agents playing evolutionary games on a scale-free social network adopting the Richest-Following strategy. Pareto's power-law distribution (1897) of wealth is demonstrated with power factor in agreement with that of US or Japan. Moreover,...

Firm dynamics on a transaction network is considered from the standpoint of econophysics, agent-based simulations, and game theory. In this model, interacting firms rationally invest in a production facility to maximize net present value. We estimate parameters used in the model through...

A new class of stochastic variables, governed by a specific set of rules, is introduced. These rules force them to loose some properties usually assumed for this kind of variables. We demonstrate that stochastic processes driven by these random sources must be described using a probability...

In the proposed model, the independent system operator (ISO) provides the opportunity for maintenance outage rescheduling of generating units before each short-term (ST) time interval. Long-term (LT) scheduling for 1 or 2years in advance is essential for the ISO and the generation companies...

We introduce an efficient solution for games with communication graph structures and show that it is characterized by efficiency, fairness and a new axiom called fair distribution of the surplus.

This paper develops a coordination mechanism for a supply chain consisting of one manufacturer and n Cournot competing retailers when the production cost and demands are simultaneously disrupted. This differs from traditional supply chain coordination models under a static case and the case with...

In this paper, we consider a supply chain consisting of two manufacturers and a retailer. The first manufacturer is a traditional manufacturer that produces the new product, while the second manufacturer operates a reverse channel producing remanufactured products from used cores. Both...