In this paper, a level set analysis is proposed which aims to analyze the S&P 500 return with a certain magnitude. It is found that the process of large jumps/drops of return tend to have negative serial correlation, and volatility clustering phenomenon can be easily seen. Then, a nonparametric...

This paper aims at studying the flash crash caused by an operational shock with different market participants. We reproduce this shock in artificial market framework to study market quality in different scenarios, with or without strategic traders. We show that traders’ srategies influence the...

Companies have been aware of the benefits of developing Cluster Supply Chains (CSCs), and they are spending a great deal of time and money attempting to develop the new business pattern. Yet, the traditional techniques for identifying CSCs have strong theoretical antecedents, but seem to have...

In modern states, mobilization policy has been used to awaken people to new ideas such as national identity, industrial capitalism, and civic society. However, it has long been debated whether mobilization in new countries or in countries under reconstruction creates an integrated identity or...

To increase profitability, farmers often decide to form strategic partnerships with other farmers, pooling their resources and outputs for greater efficiency and scale. These coordination decisions can have far-reaching and complex implications for overall food supply chain structural emergence,...

The overall burden of foodborne illness is unknown, in part because of under-reporting and limited surveillance. Although the morbidity associated with foodborne illness is lower than ever, public risk perception and an increasingly complex food supply chain contribute to uncertainty in the food...

Scholars and urban planners have suggested that the key characteristic of leading world cities is that they attract the highest quality human talent through educational and professional opportunities. They offer enabling environments for productive human interactions and the growth of...

Local opinion heterogeneity (LOH) critically influences an individual’s choice of collective behaviors, such as voting and protesting. However, several empirical studies have presented different conclusions on how LOH affects such preference. In the current research, the effect of LOH is...

This paper develops an agent-based model(ABM) to replicate financial instability, such as bubbles and crashes in asset markets, by introducing a simple idea of ‘heterogeneous expectation’ by which agents have different expectations about a ‘tipping point’ where they expect the price to...

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...

This contribution addresses the impact of high-frequency electronic liquidity provision strategies on financial markets' intraday dynamics, by evaluating the interaction between multiple trading strategies within a computer laboratory, i.e. an artificial stock market. Initially, a realistic...

We explore possible effects of a Tobin tax on exchange rate dynamics in a heterogeneous agent model. To assess the impact of the Tobin tax in this framework, we extend the model of De Grauwe and Grimaldi (2006) by including transaction costs and perform numerical simulations. Motivated by the...

Agent based models of financial markets follow different approaches and might be categorized according to major building blocks used. Such building blocks include agent design, agent evolution, and the price finding mechanism. The performance of agent based models in matching key features of...

Macroeconomics must take radical uncertainty into account, if it aims at contributing to the solution of serious real-world problems such as climate change. Allowing for radical uncertainty must happen at two levels: the level of modeling and the level of the scientific discipline. I argue that...

In this paper we build an agent-based model based on a threefold financial accelerator: (i) leverage accelerator - negative shocks on firms' output make banks less willing to loan funds, and firms less willing to make investments, hence a credit reduction follows further reducing the output;...

The environment of the mountain-steppe-taiga of northern Mongolia is often characterized as marginal because of the high altitude, highly variable precipitation levels, low winter temperatures, and periodic droughts coupled with severe winter storms (known as <i>dzuds</i>). Despite these conditions,...

Discerning family resemblances in the world of theories can be useful for several reasons. For one thing, noticing that two theories share the traits of a family of theories may help us to understand each of them better. Secondly, noticing the family resemblances may help us to model them more...

This contribution addresses the impact of high-frequency electronic liquidity provision strategies on financial markets' intraday dynamics, by evaluating the interaction between multiple trading strategies within a computer laboratory, i.e. an artificial stock market. Initially, a realistic...

Macroeconomics must take radical uncertainty into account, if it aims at contributing to the solution of serious real-world problems such as climate change. Allowing for radical uncertainty must happen at two levels: the level of modeling and the level of the scientifi c discipline. I argue that...