Related papers: The relationship between general equilibrium model…
Although species longevity is subject to a diverse range of selective forces, the mortality curves of a wide variety of organisms are rather similar. We argue that aging and its universal characteristics may have evolved by means of a…
This article reviews a few basic features of systems of one-dimensional diffusions with rank-based characteristics. Such systems arise in particular in the modelling of financial markets , where they go by the name of Atlas models. We…
The Game of Life (GoL), one well known 2D cellular automaton, does not typically ensure interesting long-term phenotypic dynamics. Therefore, while being Turing complete, GoL cannot be said to be open-ended. In this work, we extend GoL with…
An optimal algebraic model of particle physics has a number of checkpoints to pass. As a minimum, models should $\langle 1 \rangle$ conform to the Coleman-Mandula theorem (or establish a loophole), $\langle 2 \rangle$ evade familiar fermion…
This paper studies the equilibrium price of an asset that is traded in continuous time between N agents who have heterogeneous beliefs about the state process underlying the asset's payoff. We propose a tractable model where agents maximize…
A fluid queuing network constitutes one of the simplest models in which to study flow dynamics over a network. In this model we have a single source-sink pair and each link has a per-time-unit capacity and a transit time. A dynamic…
The so-called Granovetter-Watts model was introduced to capture a situation in which the adoption of new ideas or technologies requires a certain redundancy in the social environment of each agent to take effect. This model has become a…
We propose a general interpretation for long-range correlation effects in the activity and volatility of financial markets. This interpretation is based on the fact that the choice between `active' and `inactive' strategies is subordinated…
In this paper, we propose an equilibrium pricing model in a dynamic multi-period stochastic framework with uncertain income streams. In an incomplete market, there exist two traded risky assets (e.g. stock/commodity and weather derivative)…
We study delay-independent stability in nonlinear models with a distributed delay which have a positive equilibrium. Such models frequently occur in population dynamics and other applications. In particular, we construct a relevant…
We discuss a possibility of deriving an H-theorem for nonlinear discrete time evolution equation that describes random wealth exchanges. In such kinetic models economical agents exchange wealth in pairwise collisions just as particles in a…
We study a simple but compelling model of $n$ interacting agents via time-dependent, unidirectional communication. The model finds wide application in a variety of fields including synchronization, swarming and distributed decision making.…
Climate change is a major global challenge today. To assess how policies may lead to mitigation, economists have developed Integrated Assessment Models, however, most of the equilibrium based models have faced heavy critiques. Agent-based…
Multi-agent systems built on large language models are increasingly deployed in strategic policy and governance settings, where agents representing stakeholders with conflicting interests must coordinate under shared constraints. These…
By linking conceptual theories with observed data, generative models can support reasoning in complex situations. They have come to play a central role both within and beyond statistics, providing the basis for power analysis in molecular…
Our study of a basic model for incompressible two-phase flows with phase transitions consistent with thermodynamics in the case of constant but non-equal densities of the phases, begun by the first two authors is continued. We extend our…
This paper presents positive initial evidence that generative agents can relax the rigidity of traditional mathematical models for human decision-making in power dispatch and auction settings. We design two proof-of-concept energy…
We consider the ideal-gas models of trading markets, where each agent is identified with a gas molecule and each trading as an elastic or money-conserving (two-body) collision. Unlike in the ideal gas, we introduce saving propensity…
We consider the interaction among agents engaging in a driving task and we model it as general-sum game. This class of games exhibits a plurality of different equilibria posing the issue of equilibrium selection. While selecting the most…
We study the formation of derivative prices in equilibrium between risk-neutral agents with heterogeneous beliefs about the dynamics of the underlying. Under the condition that the derivative cannot be shorted, we prove the existence of a…