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We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge…
Recently research on bubble and its burst attract much interest of researchers in various field such as economics and physics. Economists have been regarding bubble as a disorder in prices. However, this research strategy has overlooked an…
Strongly first-order phase transitions, i.e., those with a large order parameter, are characterized by a considerable supercooling and high velocities of phase transition fronts. A very strong phase transition may have important…
The rise of a single bubble confined between two vertical plates is investigated over a wide range of Reynolds numbers. In particular, we focus on the evolution of the bubble speed, aspect ratio and drag coefficient during the transition…
We analyze how equilibrium housing prices are determined in the process of economic development within an overlapping generations model with perfect housing and rental markets. We characterize the rent growth rate in all equilibria. The…
Investors in stock market are usually greedy during bull markets and scared during bear markets. The greed or fear spreads across investors quickly. This is known as the herding effect, and often leads to a fast movement of stock prices.…
In the present paper a model of a market consisting of real and financial interacting sectors is studied. Agents populating the stock market are assumed to be not able to observe the true underlying fundamental, and their beliefs are biased…
We explore a new mechanism to explain polarization phenomena in opinion dynamics in which agents evaluate alternative views on the basis of the social feedback obtained on expressing them. High support of the favored opinion in the social…
We develop a theoretical trading conditioning model subject to price volatility and return information in terms of market psychological behavior, based on analytical transaction volume-price probability wave distributions in which we use…
We present a general equilibrium macro-finance model with a positive feedback loop between capital investment and land price. As leverage is relaxed beyond a critical value, through the financial accelerator, a phase transition occurs from…
We present a heuristic argument for the propensity of Topological Data Analysis (TDA) to detect early warning signals of critical transitions in financial time series. Our argument is based on the Log-Periodic Power Law Singularity (LPPLS)…
We explore when supernovae can (and cannot) regulate the star formation and bulge growth in galaxies based on a sample of 18 simulated galaxies. The simulations include key physics such as evaporation and conduction, neglected in prior…
We analyze the properties of naturally formed nano-bubbles in Lennard-Jones molecular dynamics simulations of liquid-to-vapor nucleation in the boiling and the cavitation regimes. The large computational volumes provide a realistic…
We analyze waiting times for price changes in a foreign currency exchange rate. Recent empirical studies of high frequency financial data support that trades in financial markets do not follow a Poisson process and the waiting times between…
Enhancing the efficiency of water electrolysis, which can be severely impacted by the nucleation and growth of bubbles, is key in the energy transition. In this combined experimental and numerical study, in-situ bubble evolution and…
Many experiments elicit subjects' prior and posterior beliefs about a random variable to assess how information affects one's own actions. However, beliefs are multi-dimensional objects, and experimenters often only elicit a single response…
In this paper, we examine the biases that arise when firms run A/B tests on continuous parameters to estimate global treatment effects on performance metrics of interest; we particularly focus on price experiments to measure the price…
We have designed and constructed an experimental system to study gas bubble growth in slightly supersatu- rated liquids. This is achieved by working with carbon dioxide dissolved in water, pressurized at a maximum of 1 MPa and applying a…
Decisions taken in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market therefore provides a rich environment to study how people take…
Maximum-entropy distributions are shown to appear in the probability calculus as approximations of a model by exchangeability or a model by sufficiency, the former model being preferable. The implications of this fact are discussed,…