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We investigate a toy model of inductive interacting agents aiming to forecast a continuous, exogenous random variable E. Private information on E is spread heterogeneously across agents. Herding turns out to be the preferred forecasting…
We study the market selection hypothesis in complete financial markets, populated by heterogeneous agents. We allow for a rich structure of heterogeneity: individuals may differ in their beliefs concerning the economy, information and…
We discuss the stationary states of a model economy in which $N$ heterogeneous adaptive consumers purchase commodity bundles repeatedly from $P$ sellers. The system undergoes a transition from an inefficient to an efficient state as the…
Humans and other animals often follow the decisions made by others because these are indicative of the quality of possible choices, resulting in `social response rules': observed relationships between the probability that an agent will make…
We introduce a stochastic heterogeneous interacting-agent model for the short-time non-equilibrium evolution of excess demand and price in a stylized asset market. We consider a combination of social interaction within peer groups and…
In various economic environments, people observe other people with whom they strategically interact. We can model such information-sharing relations as an information network, and the strategic interactions as a game on the network. When…
We study the consequences of information asymmetries and misaligned incentives in settings with multiple independent agents. We model an interaction between a Sender, who holds vital private information but cannot act, and a Receiver, who…
We study a dynamical Ising model of agents' opinions (buy or sell) with coupling coefficients reassessed continuously in time according to how past external news (magnetic field) have explained realized market returns. By combining herding,…
We consider a group of strategic agents who must each repeatedly take one of two possible actions. They learn which of the two actions is preferable from initial private signals, and by observing the actions of their neighbors in a social…
Previous research on organizations often focuses on either the individual, team, or organizational level. There is a lack of multidimensional research on emergent phenomena and interactions between the mechanisms at different levels. This…
A network of agents attempt to learn some unknown state of the world drawn by nature from a finite set. Agents observe private signals conditioned on the true state, and form beliefs about the unknown state accordingly. Each agent may face…
In this survey we present different approaches that allow an intelligent agent to explore autonomous its environment to gather information and learn multiple tasks. Different communities proposed different solutions, that are in many cases,…
Social learning is a powerful mechanism through which agents learn about the world from others. However, humans don't always choose to observe others, since social learning can carry time and cognitive resource costs. How do people balance…
Random Boolean Network has been used to find out regulation patterns of genes in organism. his approach is very interesting to use in a game such as N Person PD. Here we assume that action is influenced by input in the form of choices of…
We develop original models to study interacting agents in financial markets and in social networks. Within these models randomness is vital as a form of shock or news that decays with time. Agents learn from their observations and learning…
We study the consumption behaviour of an asymmetric network of heterogeneous agents in the framework of discrete choice models with stochastic decision rules. We assume that the interactions among agents are uniquely specified by their…
This essay discusses the advantages of a probabilistic agent-based approach to questions in theoretical economics, from the nature of economic agents, to the nature of the equilibria supported by their interactions. One idea we propose is…
This work studies the learning abilities of agents sharing partial beliefs over social networks. The agents observe data that could have risen from one of several hypotheses and interact locally to decide whether the observations they are…
We consider a model of nomadic agents exploring and competing for time-varying location-specific resources, arising in crowdsourced transportation services, online communities, and in traditional location based economic activity. This model…
Artificially intelligent agents deployed in the real-world will require the ability to reliably \textit{cooperate} with humans (as well as other, heterogeneous AI agents). To provide formal guarantees of successful cooperation, we must make…