This chapter surveys the state-of-art of heterogeneous agent models (HAMs) in finance
using a jointly theoretical and empirical analysis, combined with numerical analysis from the …

The traditional financial paradigm seeks to understand financial markets by using models in
which markets are perfect, which includes agents who are “rational” and update their beliefs …

This article examines the problems of forming a strategy for enterprise development in a post-
industrial society. A characteristic feature of the contemporary post-industrial society is the …

This paper studies market selection in an Arrow-Debreu economy with complete markets
where agents learn over misspecified models. In this setting, standard Bayesian learning …

We investigate market selection and bet pricing in a repeated prediction market model. We
derive the conditions for long-run survival of more than one agent (the crowd) and quantify …

We consider an exchange economy where agents have heterogeneous beliefs and assets
are long-lived, and investigate the coupled dynamics of asset prices and agents' wealth. We …

The wisdom of the crowd applied to financial markets asserts that prices represent a
consensus belief that is more accurate than individual beliefs. However, a market selection …

Evolutionary Finance explores financial markets as evolving biological systems. Investors
pursuing diverse investment strategies compete for the market capital. Some “survive” and …

In this paper, I consider an exchange economy with complete markets where agents have
heterogeneous beliefs and, possibly, preferences, and investigate the Market Selection …

The approximate agents' wealth and price invariant densities of a repeated prediction
market model is derived using the Fokker–Planck equation of the associated continuous …