Firms’ conjectures about demand are consequential in oligopoly games. Through agent-based modeling of consumers’ search for products, we can study the rationing of demand between capacity-constrained firms offering homogeneous products and explore the robustness of analytically solvable models’ results. After algorithmically formalizing short-run search behavior rather than assuming a long-run ...

....... ...................................................................................................... 8 Introduction........... ............................................................................................ 9 Literature Review................................................................................................. 14 Methodology ......................................

An agent-based model, incorporating a small set of primarily agent-based variables, was designed to explain private land-use decision making. Agents are landowners, who allocate their labor and land for different uses in regular time intervals. The goal is to understand what kind of spatial patterns emerge from different agent characteristics, and decision and learning mechanisms. Landscapes pr...

The objectives of this paper are to define and classify different types of errors and artefacts that can appear in the process of developing an agent-based model, and to propose activities aimed at avoiding them during the model construction and testing phases. To do this in a structured way, we review the main concepts of the process of developing such a model – establishing a general framewor...

An extensive finance literature has suggested that independent (outside) directors monitor firm management and thereby increase firm value. Monitoring by a firm’s independent directors is, however, costly and the level of board monitoring should be endogenously determined as a function of firm characteristics. We show that a negative relationship between board monitoring and uncertainty is a di...

A remarkable amount of economic literature brings to our attention the fact that market is not the only result of the behaviour of agents, as we can find other forms of contact and communication. Many of them are determined by proximity conditions in some kind of space: in this paper we pay a particular attention to relational space, determined by the relationships between individuals or betwee...

There are many situations where people join groups, the number of groups is fixed, and where a person can only join a new group if the new group approves the person’s joining. We examine such situations where agents are concerned with either local status (each agent wants to be the highest status agent in his group) or global status (each agent wants to join the highest status group that she ca...