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This paper presents a model of capital accumulation for a large number of heterogenous producer-consumers in an exchange space in which interactions depend on agents' positions. Each agent is described by his production, consumption, stock…
We introduce an agent-based model of delegation relationships between a principal and an agent, which is based on the standard-hidden action model introduced by Holmstr\"om and, by doing so, provide a model which can be used to further…
Many democratic countries use district-based elections where there is a "seat" for each district in the governing body. In each district, the party whose candidate gets the maximum number of votes wins the corresponding seat. The result of…
In democracies, major policy decisions typically require some form of majority or consensus, so elites must secure mass support to govern. Historically, elites could shape support only through limited instruments like schooling and mass…
This study simulates the evolution of artificial economies in order to understand the tax relevance of administrative boundaries in the quality of life of its citizens. The modeling involves the construction of a computational algorithm,…
We present the LLM Economist, a novel framework that uses agent-based modeling to design and assess economic policies in strategic environments with hierarchical decision-making. At the lower level, bounded rational worker agents --…
This paper pioneers a novel approach to economic and public policy analysis by leveraging multiple Large Language Models (LLMs) as heterogeneous artificial economic agents. We first evaluate five LLMs' economic decision-making capabilities…
User engagement on social media platforms is influenced by historical context, time constraints, and reward-driven interactions. This study presents an agent-based simulation approach that models user interactions, considering past…
This paper explores the utility of agent-based simulations in realistically modelling market structures and sheds light on the nuances of optimal dealer strategies. It underscores the contrast between conclusions drawn from probabilistic…
Policymakers decide on alternative policies facing restricted budgets and uncertain, ever-changing future. Designing public policies is further difficult due to the need to decide on priorities and handle effects across policies. Housing…
Research on the causes of political polarization points towards multiple drivers of the problem, from social and psychological to economic and technological. However, political institutions stand out, because -- while capable of…
In our multi-agent model agents generate wealth from repeated interactions for which a prisoner's dilemma payoff matrix is assumed. Their gains are taxed by a government at a rate $\alpha$. The resulting budget is spent to cover…
Political campaigns involve, in the simplest case, two competing campaign groups which try to obtain a majority of votes. We propose a novel mathematical framework to study political campaign dynamics on social networks whose constituents…
We conduct experiments with algorithmic pricing agents based on Large Language Models (LLMs). In oligopoly settings, LLM-based pricing agents quickly and autonomously reach supracompetitive prices and profits. Variation in seemingly…
Modeling the ideological perspectives of political actors is an essential task in computational political science with applications in many downstream tasks. Existing approaches are generally limited to textual data and voting records,…
Negotiation requires more than inferring what the other side wants: it requires using that information to make advantageous offers and counteroffers over multiple turns. We study whether large language model (LLM) agents do this in a…
The Internet and the Web are now an integral part of the way most modern societies, and corresponding political systems, work. We regard Political systems as the formal and informal political processes by which decisions are made concerning…
This study considers a simple variation of the voter model with two competing parties. In particular, we represent the case of political elections, where people can choose to support one of the two candidates or to remain neutral. People…
Bias exists in how we pick leaders, who we perceive as being influential, and who we interact with, not only in society, but in organizational contexts. Drawing from leadership emergence and social influence theories, we investigate…
The study of complex political phenomena such as parties' polarization calls for mathematical models of political systems. In this paper, we aim at modeling the time evolution of a political system whereby various parties selfishly interact…