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The real world is awash with multi-agent problems that require collective action by self-interested agents, from the routing of packets across a computer network to the management of irrigation systems. Such systems have local incentives…
We understand the dynamics of the world around us as by associating pairs of events, where one event has some influence on the other. These pairs of events can be aggregated into a web of memories representing our understanding of an…
Agent-based models are a natural choice for modeling complex social systems. In such models simple stochastic interaction rules for a large population of individuals can lead to emergent dynamics on the macroscopic scale, for instance a…
Urban housing markets, along with markets of other assets, universally exhibit periods of strong price increases followed by sharp corrections. The mechanisms generating such non-linearities are not yet well understood. We develop an…
We present a simple agent-based model to study the development of a bubble and the consequential crash and investigate how their proximate triggering factor might relate to their fundamental mechanism, and vice versa. Our agents invest…
We test the international applicability of Friedman s famous plucking theory of the business cycle in 12 advanced economies between 1970 and 2021. We find that in countries where labour markets are flexible (Australia, Canada, United…
Large collections of coupled, heterogeneous agents can manifest complex dynamical behavior presenting difficulties for simulation and analysis. However, if the collective dynamics lie on a low-dimensional manifold then the original…
International trade is based on a set of complex relationships between different countries that can be modelled as an extremely dense network of interconnected agents. On the one hand, this network might favour the economic growth of…
Weighted networks capture the structure of complex systems where interaction strength is meaningful. This information is essential to a large number of processes, such as threshold dynamics, where link weights reflect the amount of…
A simple banking network model is proposed which features multiple waves of bank defaults and is analytically solvable in the limiting case of an infinitely large homogeneous network. The model is a collection of nodes representing…
Threshold models of cascades in the social sciences and economics explain the spread of opinion and innovation due to social influence. In threshold cascade models, fads or innovations spread between agents as determined by their…
We propose a generic system model for a special category of interdependent networks, demand-supply networks, in which the demand and the supply nodes are associated with heterogeneous loads and resources, respectively. Our model sheds a…
We introduce a general framework for models of cascade and contagion processes on networks, to identify their commonalities and differences. In particular, models of social and financial cascades, as well as the fiber bundle model, the…
With rising global temperatures Earth's tipping elements are becoming increasingly more vulnerable to crossing their critical thresholds. The reaching of such tipping points does not only impact other tipping elements through their…
We analyze the fluctuations in the gross domestic product (GDP) of 152 countries for the period 1950--1992. We find that (i) the distribution of annual growth rates for countries of a given GDP decays with ``fatter'' tails than for a…
We present a minimal agent-based model of interacting agents characterized by their wealth to study taxation and inequality in a non-conservative economy. Wealth evolves through an extremal stochastic replacement process in which the…
By means of extensive computer simulations, the authors consider the entangled coevolution of actions and social structure in a new version of a spatial Prisoner's Dilemma model that naturally gives way to a process of social…
In this paper we show that the small world and weak ties phenomena can spontaneously emerge in a social network of interacting agents. This dynamics is simulated in the framework of a simplified model of opinion diffusion in an evolving…
We examine a weighted-network multi-agent model with preferential selection such that agents choose partners with the probability $p(w)$, where $w$ is the number of their past selections. When $p(w)$ increases sublinearly with the number of…
In this article we analyze the global flow of migrants from 206 source countries to 145 destination countries (2006-2010) and focus on the differences in the migration network pattern between destination and source counters as represented…