Related papers: Potterian Economics
A generalization of the economic model of logistic growth, which takes into account the effects of memory and crises, is suggested. Memory effect means that the economic factors and parameters at any given time depend not only on their…
As scientists we like to think that modern societies and their members base their views, opinions and behaviour on scientific facts. This is not necessarily the case, even though we are all (over-) exposed to information flow through…
Understanding cooperation in social systems is challenging because the ever-changing rules that govern societies interact with individual actions, resulting in intricate collective outcomes. In virtual-world experiments, we allowed people…
Advances in artificial intelligence often stem from the development of new environments that abstract real-world situations into a form where research can be done conveniently. This paper contributes such an environment based on ideas…
The quest of this work is to present discussions of some fundamental questions of economics in the era of quantum technology, which require a treatment different from economics studied thus far in the literature. A study of quantum economic…
Societies consisting of cooperative individuals seem to require for their continuing success that defectors be policed. The precise connection between punishers and benefits, population structure, and division of labour, however, remains…
Sociolinguistic theories have highlighted how narratives are often retold, co-constructed and reconceptualized in collaborative settings. This working paper focuses on the re-interpretation of characters, an integral part of the narrative…
Today, the economy is greatly influenced by Artificial General Intelligence (AGI). The purpose of this paper is to determine the impact of the quantitative relations of AGI on the country's economic parameters. The authors use the analysis…
This article develops the concept of the agentic economy and diagnoses its measurable preconditions: a transition in which economic action is increasingly distributed among humans, AI agents, industrial robots, executable protocols, compute…
Despite all our great advances in science, technology and financial innovations, many societies today are struggling with a financial, economic and public spending crisis, over-regulation, and mass unemployment, as well as lack of…
The accumulation of knowledge required to produce economic value is a process that often relates to nations economic growth. Such a relationship, however, is misleading when the proxy of such accumulation is the average years of education.…
It is known that the impact of transactions on stock price (market impact) is a concave function of the size of the order, but there exists little quantitative theory that suggests why this is so. I develop a quantitative theory for the…
Comparing the results for preference attainment, self-perceived influence and reputational influence, this paper analyzes the relationship between financial resources and lobbying influence. The empirical analysis builds on data from an…
Low search costs in Internet markets can be used by consumers to find low prices, but can also be used by retailers to monitor competitors' prices. This price monitoring can lead to price matching, resulting in dampened price competition…
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
We study \emph{Human Projection} (HP): people's tendency to evaluate AI using the same frameworks they use for humans -- treating features such as task difficulty and the reasonableness of mistakes as diagnostic of overall ability. We…
Macroeconomic fluctuations and the narratives that shape them form a mutually reinforcing cycle: public discourse can spur behavioural changes leading to economic shifts, which then result in changes in the stories that propagate. We show…
Many policies allocate harms or benefits that are uncertain in nature: they produce distributions over the population in which individuals have different probabilities of incurring harm or benefit. Comparing different policies thus involves…
We study a credit risk model which captures effects of economic interactions on a firm's default probability. Economic interactions are represented as a functionally defined graph, and the existence of both cooperative, and competitive,…
Constant and symmetric price impact functions, most commonly used in agent-based market modelling, are shown to give rise to paradoxical and inconsistent outcomes in the simplest case of arbitrage exploitation when open-hold-close actions…