Heterogeneous beliefs and and routes to complez dynamics in asset pricing models with price contingent contracts

This paper discusses dynamic evolutionary multi-agent systems, as introduced by Brock and Hommes (1997). In particular the heterogeneous agent dynamic asset pricing model of Brock and Hommes (1998) is extended by introducing derivative securities by means of price contingent contracts. Numerical simulations suggest that in a boundedly rational heterogeneous evolutionary world futures markets may be destabilizing.

A multinomial choice model of neighborhood effects

choice theory

Valuing biodiversity from an economic perspective : a unified economic, ecological and genetic approach

biodiversionoptimization;ecology

Evolutionary dynamics in financial markets with many trader types

evolutionary systemslearning;financial markets;volatility;bifurcation;bounded rationality