Related papers: Economic Dynamics of Agents
COVID-19 pandemic has sharply projected the globally persistent multi-dimensional fundamental challenges in securing general socio-economic wellbeing of the society. The problems intensify with increasing population densities and also vary…
The Anthropocene is characterized by close interdependencies between the natural Earth system and the human society, posing novel challenges to model development. Here we present a conceptual model describing the long-term coevolution of…
In this work, an ensemble of economic interacting agents is considered. The agents are arranged in a linear array where only local couplings are allowed. The deterministic dynamics of each agent is given by a map. This map is expressed by…
In this paper, we study the finite-horizon problem of an economic agent's optimal consumption, investment, and job-switching decisions. The key new feature of our model is that the job-switching cost is time-varying. This extension leads to…
Humanity's progress in combating hunger, poverty, and child mortality is marred by escalating environmental degradation due to rising greenhouse gas emissions and climate change impacts. Despite positive developments, ecosystems are…
We introduce an agent-based model for the spreading of technological developments in socio-economic systems where the technology is mainly used for the collaboration/interaction of agents. Agents use products of different technologies to…
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…
It is widely known how the human ability to cooperate has influenced the thriving of our species. However, as we move towards a hybrid human-machine future, it is still unclear how the introduction of AI agents in our social interactions…
Can artificial agents benefit from human conventions? Human societies manage to successfully self-organize and resolve the tragedy of the commons in common-pool resources, in spite of the bleak prediction of non-cooperative game theory. On…
We study the dynamics of individual agents in some kinetic models of wealth exchange, particularly, the models with savings. For the model with uniform savings, agents perform simple random walks in the "wealth space". On the other hand, we…
We present an overview of some representative Agent-Based Models in Economics. We discuss why and how agent-based models represent an important step in order to explain the dynamics and the statistical properties of financial markets beyond…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics offers models of markets as complex systems, that try to comprehend macro-, system-wide states of the economy from the…
In financial markets, agents often mutually influence each other's investment strategies and adjust their strategies to align with others. However, there is limited quantitative study of agents' investment strategies in such scenarios. In…
Coupled human-environment systems are increasingly being understood as complex adaptive systems (CAS), in which micro-level interactions between components lead to emergent behavior. Agent-based models (ABMs) hold great promise for…
Socioeconomic inequalities significantly influence infectious disease outcomes, as seen with COVID-19, but the pathways through which socioeconomic conditions affect transmission dynamics remain unclear. To address this, we conducted a…
Abstract: The rising global temperatures caused by climate change significantly impact energy consumption and electricity generation. Fluctuating temperatures and frequent extreme weather events disrupt energy production and consumption…
Designing mechanisms that leverage cooperation between agents has been a long-lasting goal in Multiagent Systems. The task is especially challenging when agents are selfish, lack common goals and face social dilemmas, i.e., situations in…
We present our approach to the problem of how an agent, within an economic Multi-Agent System, can determine when it should behave strategically (i.e. learn and use models of other agents), and when it should act as a simple price-taker. We…
Detailed knowledge of individual income dynamics is crucial for investigating the existence of the American dream: Are we able to improve our income status during our working life? This key question simply boils down to observing individual…
Agents buy and sell services. All services are of equal quality. Buyers choose sellers at random. Monetary and fiscal policies are imposed by a central bank and a central government. Credit is supplied by a commercial banking system.…