Agent-based computational economics studies the nature of economic processes by means of artificial agents that simulate human behavior. Human behavior is known to be scripted by cultural background. The processes of trade partner selection and negotiation work out differently in different communities. Different communities have different norms regarding trust and opportunism. These differences...

This paper is investigating that:" resurging evolution of economic thought, EET, is brilliantly in direction with eminence of substantive elements of economics itself". It presupposes that the substantive elements of economics embraces the following package: 1- maintaining on some epistemic doctrines, including rationality, efficiency and equilibrium.2-dynamic characteristic of economic theorie...

This paper presents a dynamic model of legislative bargaining with an evolving default policy. We show that even with a fixed proposer proposal power is limited in equilibrium. Moreover, legislators have induced preferences over the distribution of benefits. We then apply the model to entitlement policies and models of public good production. Our results provide an explanation for the "ratchet ...

We present an overview of the use of power calculations in experimental economics as well as other disciplines. We review the methodology proposed by the field of economics as well the pitfalls in failing to incorporate power calculations in lab and field experiments. We write this note to further draw attention to the issue, and to make a case that details of power calculations should be repor...

The rapid introduction of Distributed Energy Resources (DER) into the retail/distribution sector of the electric power system has raised questions concerning both the economics and control of the power system. This paper presents one market paradigm that builds upon extension of the logic of Locational Marginal Pricing into the distribution level arguing that this extension is necessary if ther...

The effects of saving and spending patterns on holding time distribution of money are investigated based on the ideal gas-like models. We show the steady-state distribution obeys an exponential law when the saving factor is set uniformly, and a power law when the saving factor is set diversely. The power distribution can also be obtained by proposing a new model where the preferential spending ...

Title of Dissertation: The Economics of Nuclear Power Ronald L. Horst, Doctor of Philosophy, 2006 Dissertation directed by: Professor John Rust Department of Economics We extend economic analysis of the nuclear power industry by developing and employing three tools. They are 1) compilation and uni cation of operating and accounting data sets for plants and sites, 2) an abstract industry model w...