Related papers: Wariness and Poverty Traps
Understanding the affective, cognitive and behavioural processes involved in risk taking is essential for treatment and for setting environmental conditions to limit damage. Using Temporal Difference Reinforcement Learning (TDRL) we…
Short-term survival and an exuberant plunge into building our future are generating a new kind of unintended consequence -- hidden fragility. This is a direct effect of the sophistication and structural complexity of the socio-technical…
When group members claim a portion of limited resources, it is tempting to invest more effort to get a larger share. However, if everyone acts similarly, they all get the same piece they would obtain without extra effort. This is the…
The diversity in wealth and social status is present not only among humans, but throughout the animal world. We account for this observation by generating random variables that determ ine the social diversity of players engaging in the…
We study the role of imitation within a model of economics with adaptive agents. The basic ingredients are those of the Minority Game. We add the possibility of local information exchange and imitation of the neighbour's strategy. Imitators…
Standard macroeconomic models assume that households are rational in the sense that they are perfect utility maximizers, and explain economic dynamics in terms of shocks that drive the economy away from the stead-state. Here we build on a…
The ubiquity of Large Language Models (LLMs) is driving a paradigm shift where user convenience supersedes computational efficiency. This article defines the "Plausibility Trap": a phenomenon where individuals with access to Artificial…
Varying environmental conditions affect relations between interacting individuals in social dilemmas, thus affecting also the evolution of cooperation. Oftentimes these environmental variations are seasonal and can therefore be…
We present a model in which we investigate the structure and evolution of a random network that connects agents capable of exchanging wealth. Economic interactions between neighbors can occur only if the difference between their wealth is…
This systematic review with narrative synthesis examines the social impacts of International Monetary Fund (IMF) programs. We systematically searched five academic databases and grey literature following PRISMA guidelines and included 53…
This paper studies the income fluctuation problem with capital income risk (i.e., dispersion in the rate of return to wealth). Wealth returns and labor earnings are allowed to be serially correlated and mutually dependent. Rewards can be…
This study investigates the effect of competition between individuals on population dynamics when they compete for different resources during different seasons or during different growth stages. Individuals are assumed to compete for a…
The universal prevalence of cooperation is puzzling, as defection typically yields higher payoffs than cooperation, motivating searches for hidden pathways to cooperation. Here we study a game-theoretic model on a lattice structured…
We present, solve and numerically simulate a simple model that describes the consequences of increased longevity on fertility rates, population growth and the distribution of wealth in developed societies. We look at the consequences of the…
We consider in a market model the cooperative emergence of value due to a positive feedback between perception of needs and demand. Here we consider also a negative feedback from production of the traded products, and find that this…
We investigate the dynamics of wealth inequality in an economy where households have positional preferences, with the strength of the positional concern determined endogenously by inequality of wealth distribution in the society. We…
Choice overload - in which larger choice sets are detrimental to a chooser's well-being - is potentially of great importance in the design of economic policy. Yet the current evidence on its prevalence is inconclusive. We argue that…
The role of skill (fitness) and luck (randomness) as driving forces on the dynamics of resource accumulation in a myriad of systems have long puzzled scientists. Fueled by undisputed inequalities that emerge from actual competitions, there…
A network of agents cooperate on a given area. Time evolution of their power is described within a set of nonlinear equations. The limitation of resources is introduced via the Verhulst term, equivalent to a global coupling. Each agent is…
We study the dynamics of correlation and variance in systems under the load of environmental factors. A universal effect in ensembles of similar systems under the load of similar factors is described: in crisis, typically, even before…