Demand outstrips available resources in most situations, which gives rise to competition,
interaction and learning. In this article, we review a broad spectrum of multi-agent models of …

We revisit the “ɛ-intelligence” model of Tóth et al.[Phys. Rev. X 1, 021006 (2011)
10.1103/PhysRevX. 1.021006], which was proposed as a minimal framework to understand …

In nature and human societies, the effects of homogeneous and heterogeneous
characteristics on the evolution of collective behaviors are quite different from each other. By …

The formation of an efficient market depends on the competition between different
investment strategies, which accelerates all available information into asset prices. By …

Classical economics has developed an arsenal of methods, based on the idea of
representative agents, to come up with precise numbers for next year's GDP, inflation and …

The available liquidity at any time in financial markets falls largely short of the typical size of
the orders that institutional investors would trade. In order to reduce the impact on prices due …

By incorporating market impact and momentum traders into an agent-based model, we
investigate the conditions for the occurrence of self-reinforcing feedback loops and the …

Market confidence is essential for successful investing. By incorporating multi-market into
the evolutionary minority game, we investigate the effects of investor beliefs on the evolution …

This paper proposes a new model to reveal the underlying mechanism of excess stock
returns comovement by modeling two types of information diffusion behaviors of investors on …

In nature and human societies, the effects of homogeneous and heterogeneous
characteristics on the evolution of collective behaviors are quite different from each other. It …