Related papers: A generalization of a classical model in contract …
We consider the classic principal-agent model of contract theory, in which a principal designs an outcome-dependent compensation scheme to incentivize an agent to take a costly and unobservable action. When all of the model…
In the classical principal-agent problem, a principal must design a contract to incentivize an agent to perform an action on behalf of the principal. We study the classical principal-agent problem in a setting where the agent can be of one…
Multi-agent models are a suitable starting point to model complex social interactions. However, as the complexity of the systems increase, we argue that novel modeling approaches are needed that can deal with inter-dependencies at different…
Multi-agent models are a suitable starting point to model complex social interactions. However, as the complexity of the systems increase, we argue that novel modeling approaches are needed that can deal with inter-dependencies at different…
In the real world, agents or entities are in a continuous state of interactions. These inter- actions lead to various types of complexity dynamics. One key difficulty in the study of complex agent interactions is the difficulty of modeling…
Agent based systems are more common than we may think. A Promise Theory perspective on cooperation, in systems of human-machine agents, offers a unified perspective on organization and functional design with semi-automated efforts, in terms…
The paper provides an introduction to agent-based modelling and simulation of social processes. Reader is introduced to the worldview underlying agent-based models, some basic terminology, basic properties of agent-based models, as well as…
Organization concepts and models are increasingly being adopted for the design and specification of multi-agent systems. Agent organizations can be seen as mechanisms of social order, created to achieve global (or organizational) objectives…
Agent-based modeling is a powerful simulation technique to understand the collective behavior and microscopic interaction in complex financial systems. Recently, the concept for determining the key parameters of the agent-based models from…
An agent-based model for firms' dynamics is developed. The model consists of firm agents with identical characteristic parameters and a bank agent. Dynamics of those agents is described by their balance sheets. Each firm tries to maximize…
In principal-agent models, a principal offers a contract to an agent to perform a certain task. The agent exerts a level of effort that maximizes her utility. The principal is oblivious to the agent's chosen level of effort, and conditions…
The ability to generalize is an important feature of any intelligent agent. Not only because it may allow the agent to cope with large amounts of data, but also because in some environments, an agent with no generalization capabilities…
Modeling the purposeful behavior of imperfect agents from a small number of observations is a challenging task. When restricted to the single-agent decision-theoretic setting, inverse optimal control techniques assume that observed behavior…
Intelligent agents such as robots are increasingly deployed in real-world, safety-critical settings. It is vital that these agents are able to explain the reasoning behind their decisions to human counterparts, however, their behavior is…
I revisit the standard moral-hazard model, in which an agent's preference over contracts is rooted in costly effort choice. I characterise the behavioural content of the model in terms of empirically testable axioms, and show that the…
The paper is devoted to a generalization of static and dynamic mathematical models of behavior with explicitly stated reflexive models of agents' decision-making. Reflexion is considered as agent's beliefs about nature, opponents' beliefs…
Evolutionary game theory is a mathematical toolkit to analyse the interactions that an individual agent has in a population and how the composition of strategies in this population evolves over time. While it can provide neat solutions to…
A contract is an economic tool used by a principal to incentivize one or more agents to exert effort on her behalf, by defining payments based on observable performance measures. A key challenge addressed by contracts -- known in economics…
Game-theoretic interactions with AI agents could differ from traditional human-human interactions in various ways. One such difference is that it may be possible to simulate an AI agent (for example because its source code is known), which…
We consider the principal-agent problem with heterogeneous agents. Previous works assume that the principal signs independent incentive contracts with every agent to make them invest more efforts on the tasks. However, in many…