We introduce agent-based dynamics in a class of Arrow-Debreu economies with capital accumulation and technological progress. In this framework we confirm results obtained by [Gintis 2006] and [Gintis 2007] in an exchange economy: the micro-behavior of boundedly rational agents can lead to the emergence of equilibrium at the macro-level provided some form of collective optimization takes place v...

We construct a general equilibrium model with private information in which borrowers and lenders enter into long-term dynamic credit relationships. Each new generation of ex ante identical individuals is divided in equilibrium into workers and entrepreneurs. Workers save through financial intermediaries in the form of interest-bearing deposits and supply labor to entrepreneurs in a competitive ...

Consider the following coloring process in a simple directed graph G(V, E) with positive indegrees. Initially, a set S of vertices are white, whereas all the others are black. Thereafter, a black vertex is colored white whenever more than half of its in-neighbors are white. The coloring process ends when no additional vertices can be colored white. If all vertices end up white, we call S an irr...

We formulate the problem of scheduling a single server in a multi-class queue-ing system as a Markov decision process under the discounted cost and the average cost criteria. We develop a new implementation of the modiied policy iteration (MPI) dynamic programming algorithm to eeciently solve problems with large state spaces and small action spaces. This implementation has an enhanced policy ev...

In this paper, we focus on how to dynamically allocate a divisible resource fairly among n players who arrive and depart over time. The players may have general heterogeneous valuations over the resource. It is known that the exact envy-free and proportional allocations may not exist in the dynamic setting [21]. Thus, we will study to what extent we can guarantee the fairness in the dynamic set...

The Scarf algorithm was the Þrst practical, almost surely convergent method for computing general equilibria of competitive models. The current focus of much computational research is computing equilibrium of dynamic stochastic models. While many of these models are examples of Arrow-Debreu equilibria, Scarf’s algorithm and subsequent homotopy methods cannot be applied directly since they have ...

We consider the problem of modelling the term structure of bonds subject to default risk, under minimal assumptions on the default time. In particular, we do not assume the existence of a default intensity and we therefore allow for the possibility of default at predictable times. It turns out that this requires the introduction of an additional term to the forward-rate approach by Heath, Jarro...

Collecting and maintaining accurate world knowledge in a dynamic, complex, competitive, and stochastic environment such as RoboCup 3D Soccer Simulation is a challenging task. Knowledge should be learned in real-time with time constraints. We use recently introduced Off-Policy Gradient Descent algorithms in Reinforcement Learning that illustrate learnable knowledge representations for dynamic ro...

Abstract: A brief history and a mathematical description of the dynamic projection operators technique is presented. An example of the general Cauchy problem for evolution equations in 1+1 dimensions is studied in detail. A boundary regime propagation is formulated in terms of operators and illustrated by the simplest one-dimensional diffusion equation. The problem of temperature waves is discu...

We consider a dynamic programming problem with arbitrary state space and bounded rewards. Is it possible to define in an unique way a limit value for the problem, where the “patience” of the decision-maker tends to infinity ? We consider, for each evaluation θ (a probability distribution over positive integers) the value function vθ of the problem where the weight of any stage t is given by θt,...