This chapter examines the relationship between agent-based modeling and economic
decision-making experiments with human subjects. Both approaches exploit controlled …

There are two explanations for agricultural price dynamics. One follows cobweb logic and
models fluctuations driven by expectation errors but emphasises that these expectations …

Recognising that the economy is a complex system with boundedly rational interacting
agents, the book presents a theory of behavioral rationality and heterogeneous expectations …

We consider a class of nonlinear dynamic economic models in which the actual realizations
of a certain variable (eg, price) depend on the agents' expectations about this variable. We …

A nonlinear dynamical system which describe the time evolution of n-competitors in a
Cournot game (Bowley's model) with bounded rationality is analyzed. The existence and …

We develop a behavioral commodity market model with consumers, producers and
heterogeneous speculators to characterize the nature of commodity price fluctuations and to …

In dynamic models of economic fluctuations backward-looking expectations with systematic
forecasting errors are inconsistent with rational behaviour. In non-linear dynamic models …

Different theories of expectation formation and learning usually yield different outcomes for
realized market prices in dynamic models. The purpose of this paper is to investigate …

This book argues that complexity theory offers new departures for (spatial-) economic
modelling. It offers a broad overview of recent advances in non-linear dynamics (catastrophe …

This paper generalizes the evolutionary cobweb model with heterogeneous beliefs of Brock
and Hommes (1997. Econometrica 65, 1059–1095), to the case of non-linear demand and …