Related papers: Individual Risk and Lebesgue Extension without Agg…

We study a model of opinion dynamics introduced by Krause: each agent has an opinion represented by a real number, and updates its opinion by averaging all agent opinions that differ from its own by less than 1. We give a new proof of…

Given a monotone convex function on the space of essentially bounded random variables with the Lebesgue property (order continuity), we consider its extension preserving the Lebesgue property to as big solid vector space of random variables…

We propose a novel class of convex risk measures, based on the concept of the Fr\'echet mean, designed in order to handle uncertainty which arises from multiple information sources regarding the risk factors of interest. The proposed risk…

Current business cycle theory is an application of the general equilibrium theory. This paper presents the business cycle model without using general equilibrium framework. We treat agents risk assessments as their coordinates x on economic…

Longitudinal data tracking repeated measurements on individuals are highly valued for research because they offer controls for unmeasured individual heterogeneity that might otherwise bias results. Random effects or mixed models approaches,…

This paper explores the emergence of norms in agents' societies when agents play multiple -even incompatible- roles in their social contexts simultaneously, and have limited interaction ranges. Specifically, this article proposes two…

We present a solvable model for describing quantitatively situations where the individual behaviour of agents in a group "percolates" to collective behaviour of the group as a whole as a result of mutual influence between the agents.

Interest in targeted disease prevention has stimulated development of models that assign risks to individuals, using their personal covariates. We need to evaluate these models, and to quantify the gains achieved by expanding a model with…

In this paper we discuss a scaling approach to business fluctuations. Our starting point consists in recognizing that concepts and methods derived from physics have allowed economists to (re)discover a set of stylized facts which have to be…

In economic applications, model averaging has found principal use examining the validity of various theories related to observed heterogeneity in outcomes such as growth, development, and trade.Though often easy to articulate, these…

We explore the possibilities of enforcing and preventing consensus in continuous opinion dynamics that result from modifications in the communication rules. We refer to the model of Weisbuch and Deffuant, where $n$ agents adjust their…

We present the LLM Economist, a novel framework that uses agent-based modeling to design and assess economic policies in strategic environments with hierarchical decision-making. At the lower level, bounded rational worker agents --…

In capitalist societies, only a single right can be fully exerted without constraints of any kind: the limitless accumulation of wealth. Such imperative or prime axiom is the ultimate cause of the raising waves of inequalities observed…

We examine the evolutionary basis for risk aversion with respect to aggregate risk. We study populations in which agents face choices between alternatives with different levels of aggregate risk. We show that the choices that maximize the…

We formulate and analyze a multi-agent model for the evolution of individual and systemic risk in which the local agents interact with each other through a central agent who, in turn, is influenced by the mean field of the local agents. The…

Systemic risk measures are crucial for the stability of financial markets, yet classical formulations fail to capture the complexity of market volatility. We propose a new framework for systemic risk measurement on the variable-exponent…

We consider a large, homogeneous portfolio of life or disability annuity policies. The policies are assumed to be independent conditional on an external stochastic process representing the economic-demographic environment. Using a…

We consider the problem of belief aggregation: given a group of individual agents with probabilistic beliefs over a set of uncertain events, formulate a sensible consensus or aggregate probability distribution over these events. Researchers…

Self-modification of agents embedded in complex environments is hard to avoid, whether it happens via direct means (e.g. own code modification) or indirectly (e.g. influencing the operator, exploiting bugs or the environment). It has been…

Exploring the collective behavior of interacting entities is of great interest and importance. Rather than focusing on static and uniform connections, we examine the co-evolution of diverse mobile agents experiencing varying interactions…