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Agent-based models provide a constructive approach to studying emergent dynamics in life-like systems composed of interacting, adaptive agents. Financial markets serve as a canonical example of such systems, where collective price dynamics…
We propose a simple framework to understand commonly observed crisis waves in macroeconomic Agent Based models, that is also relevant to a variety of other physical or biological situations where synchronization occurs. We compute exactly…
Modern socio-economic systems are undergoing deep integration with artificial intelligence technologies. This paper constructs a heterogeneous agent-based modeling framework that incorporates both human workers and autonomous AI agents, to…
Rhythmic activities that alternate between coherent and incoherent phases are ubiquitous in chemical, ecological, climate, or neural systems. Despite their importance, general mechanisms for their emergence are little understood. In order…
This study introduces a comprehensive framework that situates information cascades within the domain of higher-order interactions, utilizing a double-threshold hypergraph model. We propose that individuals (nodes) gain awareness of…
Dissensus is a modeling framework for networks of dynamic agents in competition for scarce resources. Originally inspired by biological cells behaviors, it fits also marketing, finance and many other application areas. Competition is often…
Network cascade refers to diffusion processes in which outcome changes within part of an interconnected population trigger a sequence of changes across the entire network. These cascades are governed by underlying diffusion networks, which…
Despite considerable scholarly attention on the institutional and normative aspects of development cooperation, its longitudinal dynamics unfolding at the global level have rarely been investigated. Focusing on aid, we examine the evolving…
One of the first steps to understand and forecast economic downturns is identifying their frequency distribution, but it remains uncertain. This problem is common in phenomena displaying power-law-like distributions. Power laws play a…
Business cycles tend to comove across countries. However, standard models that attribute comovement to propagation of exogenous shocks struggle to generate a level of comovement that is as high as in the data. In this paper, we consider…
The worldwide trade network has been widely studied through different data sets and network representations with a view to better understanding interactions among countries and products. Here we investigate international trade through the…
An information cascade is a circumstance where agents make decisions in a sequential fashion by following other agents. Bikhchandani et al., predict that once a cascade starts it continues, even if it is wrong, until agents receive an…
We study cross-country GDP losses due to financial crises in terms of frequency (number of loss events per period) and severity (loss per occurrence). We perform the Loss Distribution Approach (LDA) to estimate a multi-country aggregate GDP…
The global aid system functions as a complex and evolving ecosystem; yet widespread understanding of its structure remains largely limited to aggregate volume flows. Here we map the network topology of global aid using a dataset of…
We consider open multi-agent systems. Unlike the systems usually studied in the literature, here agents may join or leave while the process studied takes place. The system composition and size evolve thus with time. We focus here on systems…
We introduce an auto-regressive model which captures the growing nature of realistic markets. In our model agents do not trade with other agents, they interact indirectly only through a market. Change of their wealth depends, linearly on…
We apply the concept of Rayleigh-Jeans thermalization of classical fields for a description of the world Gross Domestic Product (GDP) distribution over countries. The thermalization appears due to a variety of interactions between countries…
A time series model for the FX dynamics is presented which takes into account structural peculiarities of the market, namely its heterogeneity and an information flow from long to short time horizons. The model emerges from an analogy…
This paper concerns the dynamical behavior of weakly reversible, deterministically modeled population processes near the facets (codimension-one faces) of their invariant manifolds and proves that the facets of such systems are "repelling."…
An efficient, reliable, and interpretable global solution method, the Deep learning-based algorithm for Heterogeneous Agent Models (DeepHAM), is proposed for solving high dimensional heterogeneous agent models with aggregate shocks. The…