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Strong empirical evidence from laboratory experiments, and more recently from population surveys, shows that individuals, when evaluating their situations, pay attention to whether they experience gains or losses, with losses weighing more…
This paper empirically analyzes how individual characteristics are associated with risk aversion, loss aversion, time discounting, and present bias. To this end, we conduct a large-scale demographically representative survey across eight…
Researches on the human mobility have made great progress in many aspects, but the long-term and long-distance migration behavior is lack of in-depth and extensive research because of the difficult in accessing to household data. In this…
Behavioral Finance has become a challenge to the scientific community. Based on the assumption that behavioral aspects of investors may explain some features of the Stock Market, we propose an agent based model to study quantitatively this…
This paper examines wage returns to labor-market experience with a focus on immigrant assimilation and the portability of foreign-acquired human capital. Using U.S. Census and American Community Survey microdata from IPUMS, I study a sample…
When making decisions under risk, people often exhibit behaviors that classical economic theories cannot explain. Newer models that attempt to account for these irrational behaviors often lack neuroscience bases and require the introduction…
We study social behaviour of agents on capital markets when these are perturbed by small perturbations. We use the mean field method. Social behaviour of agents on capital markets is described: volatility of the market, aversion constant…
The high-order complexity of human behaviour is likely the root cause of extreme difficulty in financial market projections. We consider that behavioural simulation can unveil systemic dynamics to support analysis. Simulating diverse human…
Involution, a phenomenon of excessive competition with diminishing returns, has become a pressing socio-economic concern in contemporary China, prompting both academic inquiry and policy interventions. This paper proposes an evolutionary…
People are often reluctant to sell a house, or shares of stock, below the price at which they originally bought it. While this is generally not consistent with rational utility maximization, it does reflect two strong empirical regularities…
Risk aversion is a common behavior universal to humans and animals alike. Economists have traditionally defined risk preferences by the curvature of the utility function. Psychologists and behavioral economists also make use of concepts…
In numerous predictive scenarios, the predictive model affects the sampling distribution; for example, job applicants often meticulously craft their resumes to navigate through a screening systems. Such shifts in distribution are…
A collective-risk social dilemma implies that personal endowments will be lost if contributions to the common pool within a group are too small. Failure to reach the collective target thus has dire consequences for all group members,…
Tax evasion, usually the largest component of an informal economy, is a persistent challenge over history with significant socio-economic implications. Many socio-economic studies investigate its dynamics, including influencing factors, the…
We develop a model to study the role of rationality in economics and biology. The model's agents differ continuously in their ability to make rational choices. The agents' objective is to ensure their individual survival over time or,…
Identifying factors that affect human decision making and quantifying their influence remain essential and challenging tasks for the design and implementation of social and technological communication systems. We report results of a…
We propose a framework to examine future migration patterns of people under different sea level rise scenarios using models of human migration. Specifically, we couple a sea level rise model with a data-driven model of human migration,…
This paper deals into the long-term behavior of subordinated critical branching processes with migration. We focus on scenarios where emigration is the dominant factor and introduce additional randomness in timing through a subordination…
We present a cognitive model of opinion dynamics which studies the behavior of a population of interacting individuals in the context of risk of natural disaster. In particular, we investigate the response of the individuals to the…
This paper proposes a new way to model behavioral agents in dynamic macro-financial environments. Agents are described as neural networks and learn policies from idiosyncratic past experiences. I investigate the feedback between…