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This study introduces an agent-based model to study how regret, uncertainty, and social norms interact to shape vaccination behavior during epidemics. The model integrates three behavioral mechanisms, anticipated regret, evolving norms, and…
Why do maladaptive perceptions and norms, such as zero-sum interpretations of interaction, persist even when they undermine cooperation and investment? We develop a framework where bounded rationality and heterogeneous cognitive biases…
This note will extend the research presented in Brown & Rogers (2009) to the case of CRRA agents. We consider the model outlined in that paper in which agents had diverse beliefs about the dividends produced by a risky asset. We now assume…
Agent-based models are versatile tools for studying how societal opinion change, including political polarization and cultural diffusion, emerges from individual behavior. This study expands agents' psychological realism using…
We propose a novel explanation for classic international macro puzzles regarding capital flows and portfolio investment, which builds on modern macro-finance models of experience-based belief formation. Individual experiences of past…
Microscopic models describing a whole of economic interactions in a closed society are considered. The presence of a tax system combined with a redistribution process is taken into account, as well as the occurrence of tax evasion. In…
Biological neural networks can perform complex computations to predict their environment, far above the limited predictive capabilities of individual neurons. While conventional approaches to understanding these computations often focus on…
Decision under risk and uncertainty has been attracting attention in neuroeconomics and neuroendocrinology of decision-making. This paper demonstrated that the neurotransmitter receptor theory-based value (utility) function can account for…
Many biological, psychological and economic experiments have been designed where an organism or individual must choose between two options that have the same expected reward but differ in the variance of reward received. In this way,…
Social movements, neurons in the brain or even industrial suppliers are best described by agents evolving on networks with basic interaction rules. In these real systems, the connectivity between agents corresponds to the a critical state…
This study proposes an approach to describing personality dynamics through mathematical modelling of introversion, extroversion, and ambiversion processes. Introversion is interpreted as a recursive process characterized by deep…
Students' migration from public to private schools, due to lack of school performance of public schools, is one of the major issues faced by the Government of Punjab to provide compulsory and quality education at low cost. Due to complex…
Marginal expected shortfall is unquestionably one of the most popular systemic risk measures. Studying its extreme behaviour is particularly relevant for risk protection against severe global financial market downturns. In this context,…
We consider a multi-agent optimal resource sharing problem that is represented by a linear program. The amount of resource to be shared is fixed, and agents belong to a population that is characterized probabilistically so as to allow…
One form of long-term behavior revealed by opinion dynamics simulations is intermittency, where an individual cycles between eras of stable, constant beliefs and turbulent, fluctuating beliefs, for example when inferring the political bias…
Current theories of decision making suggest that the neural circuits in mammalian brains (including humans) computationally combine representations of the past (memory), present (perception), and future (agentic goals) to take actions that…
We demonstrate by mathematical analysis and systematic computer simulations that redistribution can lead to sustainable growth in a society. The human capital dynamics of each agent is described by a stochastic multiplicative process which,…
We present a stylized model with feedback loops for the evolution of a population's wealth over generations. Individuals have both talent and wealth: talent is a random variable distributed identically for everyone, but wealth is a random…
This work suggests modifications to a previously introduced class of heterogeneous agent models that allow for the inclusion of different types of agent motivations and behaviours in a unified way. The agents operate within a highly…
We introduce a general modeling framework to predict the outcomes, at the population level, of individual psychology and behavior. The framework prescribes that researchers build a cost function that embodies knowledge of what trait values…